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CABLE & Wireless Communications has announced that it will sell up to $2.8bn of investment grade bonds, having first conducted a buyback of around $1.2bn of junk bonds. The bonds were issued by UK cable companies Bell Cablemedia, Mercury Communications, Nynex CableComms and Videotron, all since merged with Cable & Wireless to create the investment grade CWC.

* Bayerische Vereinsbank Overseas Finance NV Guarantor: Bayerische Vereinsbank AG

* Baden-Württemberg L-Finance NV Guarantor: L-Bank

THE January rush to get deals into the market and notch up league table points continued at a rapid pace in several currency sectors but most notably in fixed rate dollars. The five year area continued to be the focus of issuer and investor attention, $7.8bn targeting the 2003 maturity this week through just six transactions including Fannie Mae's $4bn benchmark note transaction.

CHASE SUCCESSFULLY tapped the Deutschmark, French franc and guilder markets this week with the first euro fungible asset backed issue. Liquidity and investor diversification were the grail for Chase with its first Eurocurrency credit card deal -- three parallel tranches with a total equivalent value of $765m will redenominate into euros if monetary union goes ahead.

HSBC HAS set up a $5bn US ABCP conduit called Regency, through which it intends to securitise a broad gamut of assets. The conduit's asset holding company is registered in Ireland's International Financial Services Centre, while the CP issuing vehicle is an LLC incorporated in Delaware.

* American Skandia Life Assurance Co has privately placed $65.86m of notes backed by variable annuity fees, via SBC Warburg Dillon Read. ASLAC Funding Trust 1997-2 is the third such issue from the company, the only entity to have securitised the asset class, always using Dillon Read as placement agent. The issue is rated BBB by Duff & Phelps.

In their second article, Johan Beumée and Paul Wilmott look at how to construct a pricing model for warrants.

THE INDIAN government looks set to capitalise on the recent success of its sell-down of shares in domestic telecoms operator Mahanagar Telephone Nigam Ltd (MTNL) with a new offering of stock in international telephone operator Videsh Sanchar Nigam Ltd (VSNL). Local bankers said that the government decided over the holiday period to push the company to the top of the privatisation queue ahead of expected offerings by the Indian Oil Corporation (IOC), Gas Authority of India Ltd (GAIL) and Container Corporation (Concor).

THE JAPANESE government's plans to increase the debt burden on the seven Japan railway companies (JRs) may force a postponement of the second tranche offer of East Japan Railway Co, also known as JR East, until the unpopular proposal is resolved.

THE REPUBLIC of the Philippines is weighing up plans to raise at least $500m via a syndicated loan, or to issue a new sovereign bond to provide a stabler international benchmark for the corporate sector. Manila based bankers said that having been inundated with proposals, the central bank has not yet made a decision about which way to turn.