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* ASB Bank, the Auckland savings bank, has signed a $750m Euro-MTN programme in a bid to diversify its sources of funding away from the domestic New Zealand market. Growing funding needs prompted ASB's decision to extend its medium term borrowing operations into the offshore markets, said an official at the bank: "We have been experiencing large annual growth rates over the past three to four years. That has prompted a need to look around."

LATE Friday (April 17) night Merrill Lynch was forced to pull the $100m facility for Ina, the Croatian oil company. The problem was a lack of appetite in syndication. According to a source at Merrill Lynch, $75m of commitments from eight banks were in by the April 10 deadline.

* Kazkommertsbank, Kazakhstan's largest private sector bank, will next week become the first financial institution from Central Asia to launch an international bond. The B2/B+/B+ rated bank this week hosted presentations in London, Zurich and the US for the ING Barings-led $100m Euro/144A issue which is now expected to emerge with a five rather than a three year tenor.

EDC looks set to launch a $500m five year bond early next week to refinance a $500m issue that matures on April 30. It will be the Canadian crown agency's first fixed rate Eurodollar transaction since 1993. The positive response to roadshows held in Asia and Europe this week suggests that the deal, to be lead managed by Merrill Lynch and Paribas, will be warmly received.

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Argentina * Banco Hipotecario Nacional

Deutsche Morgan Grenfell has appointed Ian Gilday and Sean Mallone to its London syndication team. Both will hold senior positions. Gilday joins from NatWest and will focus on the LBO sector. Mallone joins from UBS and will focus on the corporate acquisition sector. Both will report to Richard Munn.

* SüdwestLB Capital Markets plc Guarantor: Südwestdeutsche Landesbank Girozentrale

* Siemens Capital Corp Guarantor: Siemens AG

THE RUSSIAN Federation shrugged off political concerns this week to make a successful debut in the Eurolira sector. Thanks to market-sensitive deal management by joint bookrunners Credito Italiano and JP Morgan the five year issue was able to be increased from a launch size of Lit500bn on Tuesday morning to Lit750bn on Thursday afternoon - the maximum amount permitted for emerging market borrowers by the Italian central bank. With a 9% coupon the issue was priced to yield 435bp over the five year lira swap rate on a fixed re-offer price of 98.71 at launch - at the bottom end of the 435bp-440bp indicative pricing range and roughly flat to Russia's interpolated yield curve in Deutschmarks.

* Bank Nederlandse Gemeenten NV Rating: Aaa/AAA

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