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CORPORACION Andina de Fomento (CAF) this week made its biggest attempt yet to develop its name in the European market before the euro's introduction, by launching a Regulation S-only $200m five year offering. The deal, led by Deutsche Bank and Merrill Lynch, was increased from $150m and priced at an attractive spread of 105bp over Treasuries, on top of its Yankee bond yield curve. The bond traded around its launch spread in the secondary market.

THE MUCH maligned $500m receivables backed financing for Yukos arranged by Crédit Lyonnais, Merrill Lynch and Goldman Sachs is finally drawing to a close with news that the arrangers plan to settle the bond element of the transaction today (Friday). The banks had planned to raise much of this in the bank markets. But the untimely merger of Yukos with Sibneft and poor market conditions meant that the loan was first reduced and then split between a $250m fixed rate bond, a $100m floating rate bond and a $150m credit.

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Germany's Pfandbriefe issuers have been trying for some time to internationalise their market through jumbo Pfandbriefe. The success of their efforts has been mixed -- many bankers continue to doubt the level of non-German placement of Pfandbriefe. DePfa has been at the forefront of the jumbo drive. This year, it has attempted to take the internationalisation of the Pfandbriefe market to new levels with the inauguration of its global benchmark programme -- tagged 'DePfas'.

DEUTSCHE Bank launched the first securitisation of regular German mortgages in a DM1.4bn ($787m) deal that signals the advent of a new asset class in Europe. It also demonstrates a quantum jump in thinking at Europe's largest home grown bank, and reflects the changes pushing securitisation to centre stage in the Continent's capital markets.

DEUTSCHE Bank launched the first securitisation of regular German mortgages in a DM1.4bn ($787m) deal that signals the advent of a new asset class in Europe. It also demonstrates a quantum jump in thinking at Europe's largest home grown bank, and reflects the changes pushing securitisation to centre stage in the Continent's capital markets. The transaction could also pave the way to a new source of financing for Germany's DM1.9tr residential mortgage market.

THE FRENCH Trésor this week again sold one of its small residual holdings through a bought deal -- and once more obtained an extremely tight bid for the shares on offer, a 5.8% stake in tobacco company Seita. Deutsche Morgan Grenfell was the winning bidder, beating half a dozen other contenders including Lehman Brothers, Merrill Lynch and Société Générale as well as several other French firms.

* Fortis Bank Nederland NV Rating: A1/AA- (Moody's/IBCA)