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* Bank Nederlandse Gemeenten NV (BNG) Rating: Aaa/AAA/AAA

Twenty-one trades were closed in other currencies. Development Bank of Singapore issued the largest number of trades and closed nine deals in Singapore dollar. The largest trade was a S$1.5 million ($820 thousand) one-month note. All of the issuer's other trades have a maturity of one month. Fortis Finance closed the day's only Norwegian krone MTN. The Nkr400 million ($44.95 million) two-year offer pays a coupon of 7.25% and was led by Fortis Bank. HSBC Investment Bank (Netherlands) saw opportunities in the two-year sector and self-led a HK$80 million ($10.27 million) six-week trade that will be issued on April 16 2002. The bank also led Nordic Investment Bank's HK$1 billion five-year FRN that pays a coupon of 5.25%. Other financials active in Hong Kong dollar included Abbey National Treasury Services with its HK50 million two-year FRN and KBC Financial Products International with its two HK15 million one-month notes.

The financials dominated trading activity in other currencies. Twenty-four trades were closed in the sector and 23 of these came from the financial services. Development Bank of Singapore closed five deals in Singapore dollar. The largest trade was a S$10 million ($5.46 million) four-year note. All of the issuer's other trades have a maturity of one month. HSBC led Australia and New Zealand Banking Group's HK$92 million ($11.80 million) 18-month trade. The FRN pays a coupon of 3.15% and will be issued on March 1 2002. HSBC also placed two trades for HSBC Investment Bank (Netherlands). The issuer closed a HK$80 million six-month trade and a S$10 million six-week MTN. Toyota Finance Australia was the only corporate active in the market. It closed A$15 million FRN that goes out to February 28 2003. Two sterling notes were issued. Deutsche Bank issued the largest: a £

The continued volatility of stocks across all sectors in 2002 has left little opportunity for issuers to raise money through the equity markets, the Eu1.3bn BHW debacle last week being the latest blow to the sector. This week EuroWeek conducted a straw poll of 10 ECM bankers and five fund managers in an attempt to analyse how this latest flop has affected the confidence of bankers and investors alike.

* Caja Madrid Rating: Aaa

Petrol Ofisi (Poas), the Turkish oil company, is looking to take advantage of the positive response that investors have shown towards eastern European offerings in recent weeks as it prepares to launch its Eu550m secondary offering. Following the success of recent issues from Wimm-Bill-Dann, the Russian dairy and fruit juice producer, and Yukos, the oil company, Poas is hoping that it can generate similar appeal for investors.

Renaissance Capital has provided further evidence of the increasing maturity of the Russian financial services industry, with the Moscow-based investment bank becoming the first Russian member of the London Stock Exchange. As a result, Renaissance will now have the same trading capabilities as its global investment banking peers.

Morgan Stanley this week priced Clare Island BV, a Eu446.2m collateralised debt obligation managed by AIB Acquisition Finance. The transaction was only slightly delayed by the investigations into the forex fraud at Allied Irish Banks subsidiary Allfirst in Baltimore, US, while Morgan Stanley reconfirmed orders and investors completed their due diligence. The rating agencies asserted that the situation has no impact on the ability of AIB's acquisition finance unit to fulfil its duties as investment adviser to the transaction. Moody's and Fitch affirmed AIB's credit rating after the events.

Banca Popolare di Vicenza (BPV), located in the wealthy Italian Veneto region, this week brought a Eu319m securitisation of performing mortgages. Lead managed by Lehman Brothers, the deal is BPV's second mortgage deal, following a Eu324m securitisation in March last year, via Morgan Stanley.

UniCredito Italiano this week launched a Eu280.1m synthetic collateralised loan obligation, shedding the risk of a pool of loans to medium and large corporates. Lead managed by Deutsche Bank and UniCredit Banca Mobiliare (UBM) and arranged by Euro Capital Structures, the deal was structured in December, but was delayed due to market conditions.

Clover SA, the largest dairy company in South Africa, has announced details of a R350m ($31m) securitisation of its trade receivables via specialist financial services company Mettle Ltd. The transaction underlines a growing appetite for securitisation shown by South African investors, corporates and institutions. Special purpose vehicle Clover Capital offered a single tranche of fixed rate notes that mature in five years. The exact coupon is undisclosed because the notes were privately placed, but was set below the South African prime lending rate of 13%.

Axa Investment Managers offered a novel collateralised debt obligation last week, using liquidity lines as an alternative to funded notes, via Deutsche Bank. Axa has already launched three CDOs, including a high yield fund via Goldman Sachs in July last year named Concerto.