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Australian non-bank mortgage lender RAMS Home Loans Pty Ltd this week priced a blowout A$1.45bn securitisation that smashed the record for the largest asset backed deal in Australian dollars.

Australian non-bank mortgage lender RAMS Home Loans Pty Ltd this week priced a blowout A$1.45bn securitisation that smashed the record for the largest asset backed deal in Australian dollars.

Moody's has upgraded the Russian Federation's foreign currency ceiling and Eurobond ratings by a surprise two notches to Ba3. It also upgraded the federation's local currency rating to Ba2 from B1, contrary to an erroneous statement released by the agency yesterday (Thursday). The announcement of the upgrade came immediately after Vneshekonombank, the Russian government's payments agent, made a $1.05bn redemption, the first time the Russian Federation has repaid one of its Eurobonds.

RWE has issued its debut Euro-MTN trade via HSBC. It was a $75 million two-year floating rate note that pays 3m $Libor + 14 basis points. RWE's programme has been used before however, by RWE Finance, the other issuer off the facility. It has traded three euro notes and four sterling notes since signing the programme in March this year.

Market report Compiled by Richard Favis, RBC Capital Markets, Johannesburg

* Bayerische Landesbank Girozentrale Rating: Aaa/AAA/AAA

* Compagnie de Financement Foncier Rating: Aaa/AAA/AAA

Rana Talwar has resigned as group chief executive officer of Standard Chartered with immediate effect. Mervyn Davies, who was previously in charge of the bank's principal market in Hong Kong, China and northeast Asia, replaces him.

UK diversified engineering company Tomkins this week surprised the market by pulling a seven year issue for around Eu300m via bookrunners BNP Paribas and Schroder Salomon Smith Barney, and joint lead Barclays Capital. A £200m 10 year bond via HSBC and UBS Warburg is now likely, although the new leads declined to comment on any mandate.

Carlton Communications, the UK media company, last night launched a Eu639m exchangeable into Thomson Multimedia, the French consumer electronics company. SG and UBS Warburg launched the deal after the market close, imitating the trend set by France Télécom last week. The transaction enables Carlton to sell its stake in Thomson, which it received as a part payment for selling Technicolor to Thomson in January. Carlton received part of the consideration in the form of bonds, which convert into 15.5m new Thomson shares on March 16 2002.