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The surge in bank capital issuance from CEEMEA issuers in the past 12 months has demonstrated the product's ability to meet the need of issuers and the demand of investors. Should banks convince their regulators to keep moving towards international standards, the market looks set to boom.

The CIS, Middle East and Turkey all appear more promising prospects for subordinated and hybrid issuance than the former EU accession states proved to be. But the size, ownership structure and ratings of banks should be carefully considered before precise forecasts can be made.

The Central Bank of Nigeria ( CBN ) disclosed that around NGN 177bn (USD 1.4bn) depositorsÍ funds are now trapped. This follows the withdrawal of operating licences of 14 under-capitalised banks by CBN . According to CBN , the affected banks were found to be insolvent with negative shareholdersÍ funds and also failed to achieve the NGN 25bn minimum capitalisation norm prescribed by CBN as at end Dec 2005. The banks are African Express Bank, AllStates Trust Bank, Assurance Bank of Nigeria, City Express Bank, Eagle Bank, Fortune International Bank, Gulf Bank, Hallmark Bank, Lead Bank, Liberty Bank, Metropolitan Bank, Societe Generale Bank, Trade Bank and Triumph Bank. Newspaper Thisday reported that CBN also decided to handover chronic debtors of these banks to the Economic and Financial Crimes Commission (EFCC). Speaking to newsmen in Abuja CBN Ís Governor, Charles Soludo, said of the NGN 177bn trapped, NGN 107bn was uninsured private sector deposits.

International Finance Corporation (IFC) examines the possibility to give USD 10mn credit to Nova Liniya (New Line) building materials retailer. IFC will make the final decision on the issue on Feb 14. Nova Liniya intends to attract the credit to expand its network outside Kyiv area. Under the expansion plan the retailer will spend USD 37.4mn to built four new supermarkets in Odessa , Lviv, Dnipropetrovsk and Kharkiv. In mid 2004 IFC gave USD 5mn credit to Nova Liniya within 14mn credit line for financing the construction of two outlets. The company was founded in 2000. It owns 3 building materials supermarkets in Kyiv.

John Godden, the well-known head of HFR Asset Management's European business and a regular on the conference circuit, has quit the firm. As first reported by DW's sister publication Alternative Investment News last Monday, it is likely that Godden's position will at least initially be filled by Marc Denogent, executive v.p. Denogent did not return a call.

Central bank governor qells fears of forex shift

Sumitomo Mitsui Financial Group announced the details of its $5.4bn sale of equity late last Friday Tokyo time, after EuroWeek had broken the news of the deal that morning. The bank is selling 80,000 new shares and 400,000 shares it holds as treasury stock. The sale may be boosted by a further 40,700 shares if demand is sufficiently strong.

The five year revolving credit for Asian Information Technology was increased from NT$2bn to NT$2.4bn and signed on December 27. Taipei Fubon Commercial Bank arranged the deal, which attracted a further 16 banks in syndication.

Mizuho Corporate Bank is in the market with a $75m five year term loan for Aromatics (Thailand), the petrochemicals company.

Tangguh LNG, the Indonesian

Mimi Cheng to head loans

Two senior executives are set to leave Morgan Stanley in Asia. Mihir Doshi has resigned as head of Morgan Stanley's institutional equities business in India. He will join Credit Suisse First Boston in April as head of its India business. Doshi's move comes as CSFB prepares a return to the Indian securities market after a four year absence after regulatory problems.