Your problem is that your shell isn't breathing well enough. If it was then the sweat would exit. You'd then be somewhat cooler, and any heat you did feel would be a pleasant dry heat.

The two most breathable shells are pertex, as found on lightweight windshirts, and Paramo, which you'd have to import from the UK. You'll probably have to mail order one from the UK, but Paramo's "directional" shells are legendary. Like the jacket your friends have, they combine a midlayer with a shell. They'll handle heavy rain as well as dry cold and wind.

The bike specific one is the Velez Adventure Light. More breathable than goretex - especially when it is raining, when pored membrane shells don't really breath at all - and good enough at blocking windchill so that they're used by arctic explorers. The Light has an excellent cycling specific hood. About £180, unless you get lucky and catch an unpopular colour being discontinued as I did. Machine washable, should last for about a decade. Used with the right baselayer the Light is good for everything except summer riding - or even that in the UK. The venting is excellent

Oh - and you can sew reflective tape on and the jacket will still be waterproof - Paramo shells work by having a "pump liner" that fiercely expels water, so any droplets that try to get in will get pushed out. Standard gear for climbers, outdoor sports instructors, mountain rescue teams in the UK. Doesn't get exported much because Paramo can't keep up with demand. Google should tell you everything else you need to know, but:

http://www.google.co.uk/url?sa=t&sou...jsPom-4rk2ljuA

http://www.google.co.uk/url?sa=t&sou...P1f3BJBQ4nlL9g