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The Development Bank of Kazakhstan should price its debut international bond today (Friday) with strong demand from lead investors. Sole lead manager UBS Warburg closed books on the $100m five year issue yesterday (Thursday) with the transaction several times oversubscribed. Price talk is centred on a yield of 7.25%-7.5%.

The Development Bank of Kazakhstan (DBK) is believed to be putting the final touches to the Central Asian republic's first EuroMTN programme. The $500m facility has not yet been finalised, but it is likely that UBS Warburg will be the arranger. The bank is expected to make its first issue off the programme within the next week: a $100m three to five year deal that will be denominated in either dollars or euros and will be lead managed by UBS Warburg.

The mandate to arrange the Eu40m four year facility for Erste & Steiermarkische Bank has been awarded to Erste Bank and Standard Bank. The deal pays a margin of 90bp over Libor for years one to three and 105bp for year four. It will be launched into syndication in early October.

Poor Lukas Mühlemann. Just as it seemed that his luck might hold out, he did a Humpty Dumpty and fell off the wall. Who pushed him? We suspect that it was none other than the caring hand of Mr Rainer Gut, whose protégé Lukie had been. Of course Mühlemann's fall came as no surprise, because the bookmakers had taken a mountain of money that he would have been shown a red card in the early summer.

ABN AMRO has brought in Herman Fong, v.p. in equity derivatives at Indosuez W.I. Carr in Hong Kong, in a new position as a director of equity derivatives trading in Hong Kong. Ali Ahmed, head of equity derivatives trading at ABN in Hong Kong, said Fong's primary focus will be Korea as the bank is looking to build up its coverage. "It's going to be the most profitable market in Asia in terms of trading and marketing this year and next," he said. Ahmed joined from W.I. Carr last month to replace Frank McKirgan after he relocated to London (DW, 8/16). At W.I. Carr, Fong reported to Ali. "Better prospects," said Fong, on explaining why he made the move, declining to elaborate.

WestLB this week launched the first securitisation from North Africa, a $250m credit card deal from Egypt's second largest commercial bank, Banque Misr. This first deal, wrapped by an undisclosed US monoline insurer, was funded through the WestLB Compass conduit programme. By setting up the Banque Misr Card Receivables Master Trust, WestLB has opened up the opportunity for further issuance from the state owned bank, which dominates the credit and debit card market in Egypt.

Fortis Bank this week launched its long awaited synthetic collateralised loan obligation, Park Mountain Capital 2002-I BV, after a lengthy marketing period over the summer break that involved some changes to the underlying reference portfolio. The four tranches of funded notes and Eu1.735bn super senior credit default swap are referenced to a managed portfolio of loans to mainly Belgian and Dutch firms.

Bankinter was the first issuer to market in the Spanish residential mortgage sector this quarter as it returned to the public programme it began in October last year, with a Eu1.025bn securitisation of performing mortgages. Lead managed by Bankinter with Crédit Agricole Indosuez and Deutsche Bank, the deal was priced at the wide end of price talk at the senior level - 22bp over three month Euribor as opposed to 21bp area. The subordinated tranches came at the tight end or inside of price talk.

Italy Credit Suisse First Boston has begun roadshows for Lombarda Lease Finance 2, a Eu610m securitisation of real estate, auto and equipment leases for SBS Leasing, a subsidiary of Banca Lombarda.

SG this week launched the first euro denominated Australian RMBS for Heritage Building Society, the Queensland-based lender. ACE Funding Ltd Series 2002-1 HBS MBS Notes offered European investors Eu334m of triple-A rated floating rate notes. Investors have yet to tire of Australian mortgages and the 1.4 times oversubscribed deal was priced at the tight end of price talk to offer a coupon of 22bp over three month Euribor.

Gulf International Corp and Merrill Lynch this week closed a $1.25bn hybrid synthetic collateralised debt obligation for Axa Investment Managers. Even as the deal closed Axa, a seasoned CDO manager, was preparing a sequel to the Jazz CDO deal, the groundbreaking transaction it closed with Deutsche Bank in February this year. That deal is scheduled to come to market in late October, again via Deutsche.

Manchester City has become the latest European football club to turn to securitisation for funding, with a £30.3m private placement lead managed by Bear Stearns. The deal, which was closed last Friday, was first reported in EuroWeek 751 in May. At that stage, figures ranged from £40m to £44m. Although the transaction eventually came at a smaller amount, the club still has the option to increase the package to £44.5m.