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THE REPUBLIC of Finland supplied the final piece of the euro-fungible jigsaw this week when it became the first Emu founder member country to launch a euro denominated transaction structured as a domestic government bond. Sweden, an opt-out in the first wave of Emu, launched a similarly structured Eu2bn bond just over two weeks ago. Launched by JP Morgan and Paribas, this week's Eu2bn transaction marks Finland's determination to increase international participation in its government bond market. Despite a long history of successful Eurobonds, international buyers are relatively rare in the Finnish domestic market.

* Crédit Commercial de France Rating: Aa3/A1

* Bank Nederlandse Gemeenten Rating: Aaa/AAA

ALTHOUGH the weakness of the US dollar dragged the Amsterdam stockmarket downwards this week, the appetite for small to mid cap Dutch corporate stocks remains firm, encouraged by the country's imminent participation in European monetary union. Several primary and secondary deals are making their way to the market from both domestic and international lead managers. Next week, HSBC and Rabo Securities will complete the sale of stock in Prolion, the Dutch manufacturer of cattle milking machines.

GLOBAL co-ordinators Salomon Smith Barney and Türkiye Sinai Kalkinma Bankasi this week successfully completed the sale of stock in Isbank, Turkey's leading private commercial bank, reinforcing hopes of the country becoming one of the most vibrant emerging market equity plays of 1998.

GLOBAL co-ordinators Salomon Smith Barney and Türkiye Sinai Kalkinma Bankasi this week successfully completed the sale of stock in Isbank, Turkey's leading private commercial bank, reinforcing hopes of the country becoming one of the most vibrant emerging market equity plays of 1998. At $651m (including a 15% greenshoe option yet to be exercised) the transaction was the largest international sale so far from Turkey. Coming on the back of successful private sector offerings during 1997 for the Sabanci industrial holding company and Yapi ve Kredi Bankasi, the deal has revived prospects for a privatisation programme that has been stalled since 1994. It also underlines the way in which international sentiment toward Turkey has turned since the election of a coalition government in 1997. Around 55% of the shares were sold internationally, with the overseas book more than four times oversubscribed.

Domestic issuance: * Istituto Mobiliare Italiano

BOMBARDIER, the Montreal based regional aircraft manufacturer, has completed the first stage of a $770m capital markets financing for its off-balance sheet leasing vehicle CRAFT. The deal is one of the first regional aircraft securitisations, and the first aircraft portfolio securitisation to allow the inclusion of new aircraft during the life of the transaction. NatWest Markets set up CRAFT (Canadian Regional Aircraft Finance Transaction) No 1 Ltd in May 1997. Based in Jersey, it is a special purpose company which provides lease and loan financing for customers buying Bombardier's narrow bodied Dash-8 turboprop and Canadair Regional Jet product lines.

* Fazel Ahmed, the former UBS head of securitisation for non-Japan Asia, will not be taking up the position in the merged bank, despite being offered the role. Instead, the responsibility will be taken by Anthony Cutcliffe, head of asset backed finance for non-Japan Asia at SBC Warburg Dillon Read. Cutcliffe has held the Hong Kong based job since August 1997, when he was hired from Citicorp.

Credit risk is the potential mark-to-market loss, at a chosen probability level, caused by a change in the counterpartys' credit quality.

The flotation of Australian insurance giant AMP, which should value the company at around A$12bn, has passed another potentially tricky test ahead of its launch on May 7. The company and its adviser have come up with formula that will allow a reasonable level of institutional take-up of the offer and prevent a potential price explosion in the aftermarket. Lead managers Credit Suisse First Boston and Deutsche Morgan Grenfell were charged with finding a structure which would entice enough policyholders - who will receive shares automatically in the demutualisation - to sell into the pool for institutional investors, while ensuring that those retail investors do not miss out on any launch price bonanza.