OAKREED Financial Services' first test of the moribund fixed-rate certificate of deposit (CD) market has surprised analysts by having to secure five other banks to underwrite a small $100 million issue. The issue, said to be the first fixed-rate CD after the announcement of the agreed wording on ring-fencing by the Hong Kong Monetary Authority, was underwritten by Chemical Securities Asia, Jardine Fleming Bank, Mitsubishi Finance, Societe Generale Asia and the Union Bank of Switzerland and Oakreed. Oakreed was the lead bank. 'It shows a lack of confidence in underwriting by just one or two banks,' a market dealer said yesterday. Previously such small deals were usually in the form of one-to-one private placements. The pricing of the deal also reflected the new perception of the risks involved in ring-fencing deals. 'It is about 15 basis points more than the CDs previously issued without the ring-fencing clause,' a market dealer said.