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* Bank of America is believed to have won NatWest Markets' mandate for global co-ordinator of the $250m 'B' share listing and GDR sale of Jilin Hongyuan Oil Development Company. NatWest Markets -- in a new guise after a consortium led by Industrial and Commercial Bank of China takes over -- is likely to retain a role in the deal which is the first 'B' share flotation of an oil company.

LEAD MANAGER Salomon Smith Barney today (Friday) priced a $85m convertible for Taiwan's Orient Semiconductor Electronics, the first of 1998. Although priced on the back of a surging stock, the bonds sold strongly demonstrating the appeal of correctly structured and priced hybrid instruments from the right Asian names. Said one rival banker: "The company has a great equity story and can afford to be aggressive in its pricing." OSE shares have risen almost 70% on the local market since the beginning of this year.

THE PARENT company of Hong Kong red chip Shanghai Industrial Holdings (SIH) brought colour to the desolate Asian issuance landscape when its $125m exchangeable bond was up to six times oversubscribed. This prompted arrangers Morgan Stanley and Salomon Smith Barney to exercise a $25m greenshoe yesterday (Thursday). Rival bankers were unusually generous in their praise for the deal which emerged ahead of a stream of convertibles due from Taiwan. One syndicate head went as far as to call the sale "outstanding".

A GROUP of 10 banks will submit bids today (Friday) for the much sought after mandate to arrange a $1bn five year credit facility for the Kingdom of Thailand. Euroweek has learnt that the 10 banks are ABN Amro, Bank of Nova Scotia, Bank of Tokyo-Mitsubishi, Banque Nationale de Paris, Barclays, Citibank, Dai-Ichi Kangyo Bank, Development Bank of Singapore, Industrial Bank of Japan and Sakura.

TOPPAN Form's $300m IPO is already oversubscribed, despite a degree of confusion as potential buyers struggle get to grips with the company, Japan's biggest business forms printer. Retail interest is already moving up through the syndicate, although roadshows have yet to move to the US. These investors are usually less price sensitive than institutional buyers. Pricing on the Nomura led deal -- though not yet set -- is settling around the ¥1,100 to ¥1,150 level although some investors believe it should be ¥1,200.

THE EURO market took a substantial step forward with the launch of its first benchmark at the long end of the curve. The Eu1bn issue for the Kingdom of Spain will become fungible with the 6% 2029 Bonos after successful completion of the third stage of Emu. The mandate was won by Barclays, CSFB, Deutsche and Santander.

CONCERNS that the Latin new issue equity market is still struggling to open were heightened this week as Celumovil, the Colombian cellular phone company, struggled to gain investor attention. The planned $175m initial public offering, led by Salomon Smith Barney and Santander Investment, is to be the first Latin deal for the year, with pricing scheduled for February 26.

* Commerzbank Rating: Aa2/AA-

* Deutsche Finance (Netherlands) BV Guarantor: Deutsche Bank AG

THE REPUBLIC of Colombia this week scored a much needed success in the European debt markets with a Lit400bn four year debut which achieved better pricing than its recent sterling deal. After an intensive roadshow, leads JP Morgan and Chase were able to increase the offering from an original Lit300bn and launch it within its spread range, at 207bp over four year lira Libor swaps.

* Republic of Austria Rating: Aaa/AAA