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THE MARKET for Philippines debt looks set to be tested by a new bond issue from one of the country's leading blue chips. San Miguel Corporation, one of the Philippines' most highly regarded and internationally diversified companies, is believed to have switched plans for a syndicated loan to the launch of a new FRN instead.

THE Islamic Republic of Pakistan set an important landmark this week with the successful pricing of a first investment grade bond issue from the country. Led by ABN AMRO and Citicorp, a $225m securitised transaction by majority state owned Pakistan Telecommunications (Paktel) scored a number of firsts, not least in being the first securitisation from the country and the first telecoms transaction backed by multiple carriers.

* The Republic of Kazakstan, which is to roadshow an expected $200m-plus five year Euro/144A offering via JP Morgan later this month, has received its fourth international credit rating. US-based Duff & Phelps Credit Rating Company (DCR) assigned the central Asian state a BB rating -- one notch above the Ba3 mark the country has from Moody's and the BB- ratings from Standard & Poor's and IBCA. At the same time, DCR awarded a BB+ local currency rating for the country's tenge-denominated debt. The outlook on both ratings is stable.

THE United Mexican States is gearing up to take advantage of this week's move by Standard & Poor's to revise its outlook on the country to positive by hitting the international markets with a new deal, possibly in yen. Alejandro Valenzuela, spokesman for the Hacienda, said in New York yesterday (Thursday) that the UMS would be coming to market "very soon" and was calling for bids in a number of different currencies.

SALOMON Brothers and SBC Warburg Dillon Read/Brunswick have won the mandate to lead manage the forthcoming offering of convertible bonds for Russia's giant electricity concern UES, after a contest which dramatically illustrates the fast-shifting nature of the Russian corporate finance battlefield. A group including DMG/ Goldman Sachs and Renaissance had looked certain to have the deal. However, the victorious firms emerged after a low key invitation to advise the company and the government was transformed into an intense bidding war between six international investment banks.

MORGAN STANLEY Dean Witter has launched a Lit350bn ($200m) capital increase for Banca Popolare di Brescia in the form a sale of new shares without pre-emptive rights. Existing shareholders have approved the move at the latest general meeting.

LEAD manager Commerzbank has launched the DM1.2bn capital increase on behalf of the German steel group Thyssen. The transaction involves the sale of 2.7m ordinary shares without pre-emption rights -- only the second time that a large German issuer has been able to access new equity capital without going first to existing shareholders.

MARKET SOURCES in London point to ING Barings as the winner of the beauty parade to lead manage the offering of stock in Jordan's Arab Potash, one of a number of offerings planned from the region. The firm has been competing with Nomura and HSBC to lead the deal, which should reach the markets in the next two months.

DRESDNER Kleinwort Benson and SBC Warburg Dillon Read will shortly launch the German government's sale of stock in its national airline, Lufthansa, after the government this week launched a marketing campaign aimed at retail investors in the local market. The authorities will use the now established methods of offering greater allocations to reward early commitments from retail investors. These buyers will also

MITSUI TRUST this week took advantage of the swelling appetite for Japanese bank convertible issues with a ¥100bn offering via Goldman Sachs and Mitsui. Launched for MTI Capital on behalf of Mitsui Trust, the deal was one of the most popular yet to emerge. The offering is the latest in a line-up that so far this year has included issues from Toyo Trust, Asahi Bank and Sumitomo Trust.

South Africa The hotly contested bidding for ABSA Bank's $200m loan has been finalised and the mandate awarded to an unusual grouping of four banks.

OUTOKUMPU OY, the Finnish mining giant, is making a rare appearance in the syndicated loan market for a $400m revolving credit. The loan, jointly arranged by Citibank International plc, Merita Bank Ltd and Union Bank of Switzerland, will act as the company's core working capital and liquidity insurance facility.