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In common with many currencies, the Mexican peso used to be pegged to the dollar.

THE HONG Kong Mortgage Corporation (HKMC) will next week launch a HK$500m three year bond, the first from its note issuance programme, arranged by the Hong Kong Monetary Authority (HKMA). The issue will kick start a busy capital markets spree for the corporation that may propel it from almost nowhere to becoming one of the most important borrowers in the region.

ROADSHOWS for the jumbo international bond financing by the Republic of Korea have tentatively been scheduled for either the last week of March or first week in April. The move will allow the country to access the debt markets almost immediately after completion of the commercial bank debt exchange on April 8. Seoul-based bankers said that lead managers Goldman Sachs and Salomon Smith Barney received comments back from the US SEC on Friday, having filed a shelf registration last Tuesday. "Roadshows are still something of a moving target," said one banker, "but the intention is to go ahead in early April."

* The World Bank launched a HK$1bn fixed rate issue via HSBC Markets this week. With a three year maturity, the triple-A rated deal was priced at par with a quarterly coupon of 8.6% to yield 8.88%. With fees totalling 18.75bp, co-leads are Chase Manhattan Asia, China Development Finance Hong Kong, JP Morgan Asia, Merrill Lynch International, Oakreed Financial Services and Salomon Smith Barney. LAF eligibility is being applied for.

NOMURA Securities has announced plans to form a stockbroking and investment banking joint venture with Unit Trust of India (UTI), the country's largest fund manager. The Japanese securities firm will take a 40% stake in UTI's stockbroking arm, UTI Securities, at a cost of around $10m with the option to raise the stake to 49%.

NOMURA Securities Company broke new ground in Japan's domestic bond market this week with the launch this week of the first straight bond from a Japanese securities company. The AA JBRI rated group raised ¥100bn ($792m) via a seven year issue, which was priced at par on a semi-annual coupon of 2.275% equating to spread of 36.5bp over yen Libor or 66bp over JGBs.

MOODY's managing director of sovereign risk Vincent Truglia has responded to criticism of the agency's handling of the Asian crisis in an address published this week. In highlights of an speech at the Council of Foreign Relations last month, Truglia said Moody's feels strongly that it had given powerful and clear indications of the problems certain Asian nations were facing before anyone else. Thailand and Korea were singled out in particular. "In both cases especially in 1996 and early 1997," he said, "We were condemned roundly for not understanding Asia. Not only did the Thai and Korean governments attack us publicly -- indeed a senior Thai minister actually threatened us physically."

BANKBOSTON has made a major move into Asian markets, hiring a raft of top officials of the former Peregrine Securities. Heading the switch will be Anthony Loh, appointed as regional head of BankBoston's Asian operations. Loh, formerly managing director and head of southeast Asian fixed income for Peregrine Fixed Income Ltd, will be joined by three other key senior executives formerly at Peregrine.

CHEIL Communications has successfully completed its domestic IPO, breaking the new issue logjam from the country, and generating hopes of brighter prospects among bankers. LG Securities arranged the 430,000 share issue for what is Korea's leading advertising company. The shares were priced at W20,000 and made the maximum gain allowable on the Seoul stock exchange -- 12% -- every day for the three days after launch.

THE INNOVATIVE structured bond offering by listed Thai steel company Nakornthai Strip Mill Public Company Ltd (NSM) was priced in line with expectations last Friday by lead manager NatWest Capital Markets. Raising proceeds of $456m, the three tranche deal was hailed a great success by observers in the US who noted that with the participation of about 50 institutional investors including the Soros group of hedge funds, the transaction traded up strongly in the secondary market.

* Raymond Poon, Jardine Fleming's equity syndicate head in Hong Kong, has left the bank to pursue other opportunities. Colleagues report that Poon will soon reappear elsewhere but declined to specify which bank. Rupert Fane -- who moved from the Indonesia office a few months ago -- and Vincent Tong will assume responsibility for the post and no replacement is thought likely at the present time. * UBS has announced that it will make about 145 equity research and sales staff in Asia redundant following the merger of UBS and SBC Warburg Dillon Read.

SOUTH Korea's Shinhan Bank this week drew down a $50m five month loan from Deutsche Morgan Grenfell, as the first phase of a financing backed by export trade bills. The loan is secured on export trade bills similar to those which will later provide collateral for a true securitisation. Shinhan hopes that DMG will launch the $200m to $300m deal in April, either as a bond or through one of its US and European CP conduits.