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THE prospective new benchmark bond offering for the People's Republic of China was put on hold earlier this week after the government and lead managers decided that spreads had not tightened sufficiently to justify an immediate launch. Although the market had already begun to move back in the right direction, the republic was looking for at least another 15bp contraction before it would consider re-launching the deal.

Korea's equity market did not pass one of the first key tests of its autumn issuance calendar yesterday (Thursday), as a benchmark $200m convertible from telecoms operator Dacom failed to be priced on schedule. Bankers said that the large size of the offering, combined with poor market conditions, aggressive pricing and an unappealing equity story, conspired against the Dresdner Kleinwort Benson and Dongwon Securities-led issue, which closed with books said to be only half full.

THE pipeline of issues from Taiwan is set to provide a key test of the maturity of the Asian convertible market this autumn as it becomes increasingly dominated by unusual and innovative structures. While the rest of the region falters from the fall-out of the Asian currency crisis, Taiwan has to date remained relatively immune to the problems.

Morgan Stanley Dean Witter is to make a number of changes to its senior management to reflect the firm's growing ambitions in Asia. Mario Francescotti will become president and chief operating officer of Morgan Stanley Asia from January next year, where he will be responsible for the day-to-day management and administration of the firm's activities in the region.

PHILIPPINE Long-Distance Telephone Company (PLDT) plans to make its second debt issue this year within the next few weeks. The country's benchmark corporate borrower has mandated Citicorp, with which the group has long had a close relationship, for a $100m-$150m equivalent bond issue.

THE spillover from the Asian currency crisis has brought to a temporary standstill Indian borrowers' plans to diversify into the 144A market, where spreads have widened by up to 30bp over the past few weeks. Engineering company Larsen & Toubro had been expected to lead the autumn pipeline to market with a $150m 10 year deal via Credit Suisse First Boston, its rating adviser. However treasury managers at the company said that the company is evaluating the situation.

One of China's leading Hi-Tech Development Zones will establish a new emerging markets financing template later this month with the sale of $105m of fixed rate 144A certificates, arranged by Cargill Investors Service and O'Brien Partners. The aim of the transaction is to finance infrastructure development in the already thriving Suzhou New District by circumventing the Chinese prohibition on municipalities issuing general obligation debt.

THE Kingdom of Thailand is facing a second Moody's downgrade in less than five months following an announcement by the ratings agency on Tuesday that it has placed the country's A3 rating under review. The review also encompasses seven sovereign rated banks -- Bangkok Bank, Export-Import Bank of Thailand, Government Housing Bank, IFCT, Krung Thai Bank, Siam Commercial Bank and Thai Farmers Bank.

THE autumn pipeline of equity deals from China got off to a flying start this week with the successful completion of the largest ever 'B' share issue from the mainland. Led by BZW, the innovative split structure transaction for Zhejiang Power was priced yesterday (Thursday) near the top end of its indicative range, with the book comfortably oversubscribed.

AS foreshadowed by Euroweek last week, the French government this week announced the resumption of the country's privatisation programme with the sale of minority stakes in France Télécom and Air France. The sale of 20% of France Télécom's equity capital -- to raise around Ffr40bn ($6bn) -- will be launched in around 10 days' time, just before the Italian government's $12bn sale of stock in Telecom Italia.

Angola Union Bank of Switzerland formally launched syndication of its high profile $400m oil contract prepayment finance facility for Sonangol at a well attended bankers presentation at the Ironmongers Hall in London on Tuesday.

ANZ Investment Bank is continuing the expansion of its global structured finance team with two senior appointments. Sinbad Coleridge is to become executive director of the division while Scott McInnis becomes head of project finance. Coleridge joins the bank from BZW where he was chairman and chief executive of the structured finance division. Before that he was with Barclays Bank, where he was deputy head of the corporate division responsible for relationship management with large international corporations.