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The Commonwealth Bank of Australia is back in the market with a blockbuster $1.1bn global and A$600m domestic mortgage securitisation to raise the equivalent of A$2.85bn. Salomon Smith Barney is to lead manage the global portion, while CBA will place the domestic bonds.

Cable & Wireless surprised the market this week by selling down its entire remaining 14.7% stake in Pacific Century CyberWorks (PCCW) through a jumbo $1.5bn exchangeable bond lead managed by UBS Warburg. Investors and rival bankers almost universally disliked the deal, reporting little primary market buying and claiming UBS Warburg still has a large portion of the deal on its books.

Heritage Building Society Ltd has entered the Australian mortgage backed market with its first term securitisation. The Toowoomba, Queensland-based building society launched a A$250m deal earlier this week to term out mortgages warehoused by SG.

With three issuers launching transactions this week to take advantage of relatively quiet primary markets and a 50bp overnight interest rate cut by the Reserve Bank of Australia, Australian bankers hope to see a strong corporate pipeline in the second quarter. Eurofima, the triple-A rated supranational, entered the market on Monday with a A$200m two year transaction. RBC DS was sole lead manager for the deal and ABN Amro, Commonwealth Bank of Australia (CBA) and Westpac Banking Corp participated as co-managers. The transaction, which pays a coupon of 5%, was priced to yield 4.995%, flat to the quarterly bank bills swap rate (BBSW).

Fifteen Spanish savings banks will today (Friday) price the first securitisation of cédulas hipotecarias, the Spanish equivalent of mortgage Pfandbriefe, in a Eu2.048bn deal.

Fifteen Spanish savings banks will today (Friday) price the first securitisation of cédulas hipotecarias, the Spanish equivalent of mortgage Pfandbriefe, in a Eu2.048bn deal.

South Africa A bank meeting was held on Wednesday for the $4.3bn of loan facilities supporting the $17.6bn acquisition of De Beers, the world's largest diamond miner and producer, by DB Investments.

ABN Amro has been added to the dealer panel off Jyske Bank's $1 billion Euro-MTN programme.

Hong Kong Commerz (East Asia) and Industrial & Commercial Bank of China have launched an HK$800m three year FRCD for International Bank of Asia.

Philippines * Bangko Sentral NG Pilipinas

Europe * Akbank 2001-A Receivables Trust Certificates