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Westhyp Finance has added WGZ-Bank as a dealer to its euro15 billion ($12.82 billion) debt issuance programme.

Westland/Utrecht Hypotheekbank has issued three yen trades with tenors of 10, 12 and 30 years. The 10-year note, for ¥300 million ($2.41 million), pays interest quarterly and pays a final coupon of 1.5%. The 12-year deal, for ¥4 billion, pays interest semi-annually and the final coupon pays 1.8%. The 30-year trade pays a final coupon of 5% and interest is paid annually. All three trades are due to be issued in early July. Although Westland/Utrecht Hypotheekbank's core MTN funding has been in euro and US dollar, yen has provided an important pocket of opportunity for the borrower and it has tapped Japan over 70 times this year, accounting for over eight per cent of its funding.

* General Electric Financial Assurance Rating: Aa3/A+

Deutsche Bank's real estate private equity group this week refinanced its Eu773m acquisition and leaseback of 12,800 staff homes from Electricité de France with a Eu743.7m securitisation. EdF has divested the homes to redeploy capital in its core business. Last December the Deutsche group bought EdF's real estate subsidiary, SELEC, after a tight competition with Nomura.

The Dutch mortgage backed market came to life this week as two established ABS issuers, ASR Bank and SNS bank Nederland, sold almost Eu2bn of MBS between them. More is to come, with deals on the way from NIB Capital Bank and insurer Delta Lloyd - each worth Eu900m. Merrill Lynch and NIB will lead Dutch MBS IX, while Delta Lloyd has picked ABN Amro to launch its second offering.

Westdeutsche Landesbank Girozentrale (WestLB) launched its first securitisation of its own mortgage book this week, transferring the risk of almost Eu1.5bn of its German residential mortgages into the capital markets. The bank is embarking on a programme of securitisation to obtain regulatory capital relief. Future deals, which are expected to come later this year, may be backed by other assets such as corporate loans, emerging market debt or commercial mortgages.

Spanish securitisation management company Titulización de Activos this week launched its second MBS including high loan to value ratio (LTV) loans. TDA 14 - Mixto issued Eu601.1m of notes backed by mortgages from Caixa Penedès (40%), Caja Castilla la Mancha (25%), Caja de Ahorros El Monte (20.3%) and Banco Guipuzcoano (14.7%).

UK property group British Land Co plc last Friday launched a £575m securitisation backed by the 35 supermarkets that it leases to J Sainsbury plc, the UK's second largest food retailer. Lead managed by UBS Warburg, the deal follows British Land's prestigious £1.54bn securitisation of the Broadgate office development in the City of London, which it launched in April 1999.

"While Australia's growing corporate bond market provides a viable source of capital market financing for domestic investment grade credits, it still cannot match the supply, liquidity and diversification needs of an ever broadening base of fund managers with more and more cash to invest," says Brad Scott, head of fixed income research at Salomon Smith Barney in Sydney.

The Asian domestic currency bond markets are growing in relation to the offshore debt and equity markets. In response to the Asian crisis, governments, in varying degrees, have made serious efforts to promote the markets - not least in the issuance of government benchmarks. But there is still a long way to go to create deep, liquid markets that accurately price risk, as Nick Parsons explains.

The Chinese renminbi bond market has grown rapidly since it re-opened for business a decade ago. Outstanding bonds stand at over Rmb1tr, with nearly all issuance coming from government or quasi-government borrowers.

Beginning in 1990, the Hong Kong dollar bond market was one of the first domestic markets in Asia. Under the guidance of the Hong Kong Monetary Authority (HKMA), it has grown rapidly over the last decade. It has a variety of local and offshore issuers; a sophisticated infrastructure and well developed market institutions.