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Another triple-A Austrian borrower is to come to the market when Vorarlberger Landes- und Hypotekenbank (Vorarlberger) signs its euro1 billion ($1.06 billion) Euro-MTN programme on September 20. It joins the Republic of Austria, PSK and Oesterreichische Kontrollbank in the elite group of triple-A Austrian issuers but will distinguish itself by soley issuing in the private market. Dr Hannes Leitgeb is the treasurer at Vorarlberger. He says: "Despite our triple-A rating we are a small bank and have no need to go to the public markets. We will be an opporunistic issuer." The first issue will come shortly after the signing and is likely to be about $25 million and possibly denominated in yen. Vorarlberger has issued bonds in the four-to-six year sector in the international capital markets, but only ever in Swiss francs. Leitgeb says: "Though most of our issuance will be in euros I look forward to issuing in dollars and definitely yen at some stage." Vorarlberger is also open to structured trades. Leitgeb says: "If Austrian banking regulators were not so strict Vorarlberger would definitely be open to issuing the fanciest stuff." Credit-linked notes are ruled out but Leitgeb says equity-linked and index-linked will certainly be entertained. The borrower, which funds itself at Libor minus seven in the domestic pfandbrief market, hopes to achieve even tighter levels in the private MTN market. Leitgeb says: "It is hoped we can issue in the deep minus 10 region." The arrangership mandate has been won by Deutshe bank, which has now bought three of the four Austrian borrowers to come to market this year. Also, it is rumoured that Deutsche is arranging the first ever Austrian utility later in September. The dealer group comprises Banca del Gottardo, Credit Suisse First Boston, Dresdner Bank, Goldman Sachs, JP Morgan, Landesbank Baden-Wurttemberg, Merrill Lynch, Salomon Smith Barney, Warburg Dillon Read and the arranger.

Volatility in the Turkish domestic market, mostly as a result of pressures on the country's foreign exchange reserves and its banks, has left bankers anxiously looking at the $5.49bn borrowed this year and hoping that the problem is short lived. "We are watching the market and considering how to react," said one banker. "We hope this is a temporary glitch."

EuroWeek understands that Bank of New York, Chase Manhattan, CIBC World Markets and Toronto-Dominion have the mandate to arrange a £2.25bn credit facility for TeleWest plc. These banks are now forming an expanded arranging group ahead of launching syndication in the new year.

Goldman Sachs is preparing to launch a $400m catastrophe bond for the world's largest reinsurer, Munich Re. The deal is expected to come in the next two weeks, and if successful it will be one of the largest cat bonds ever launched. Munich Re's deal will offer two separate $200m tranches expected to be rated at around double-B by all three agencies. They will be issued by PRIME, a Cayman SPV.

* ABN Amro is preparing to launch what is believed to be the largest ever securitisation - a $15bn collateralised loan obligation backed by its North American corporate loans. The synthetic deal will be partially funded, but no other details could be discovered by press time. However, ABN's Eu8.5bn synthetic securitisation of European corporate loans, Amstel CLO 2000-1, is expected to be launched today (Friday) or early next week.

The German transport minister, Kurt Bodewig, told German railway workers on Sunday that the government had agreed to sell the housing estate of national railway company Deutsche Bahn. Bodewig could not give further details because the sale must be approved by the parliamentary budget committee, which meets next Wednesday.

Koçbank of Turkey is preparing its first securitisation, with a $300m deal backed by hard currency revenues from trade payments and other transactions. Lead managed by WestLB, the deal will offer two $150m tranches, rated BBB by Fitch. The first will be launched in two weeks' time and the second in January.

MBNA International Bank this week completed its 12th securitisation of UK credit cards in a £300m deal led by Barclays Capital. While the senior notes were priced in line with expectations the junior tranches showed some signs of widening as investors wind down for the year end after a busy year in the sterling market.

The Greek government will launch its second securitisation next week, an Eu650m issue backed by its receipts from four state lotteries. Bookrunners Morgan Stanley Dean Witter, Schroder Salomon Smith Barney and UBS Warburg, and joint leads Alpha Bank and Commercial Bank, will not hold a roadshow, since the credit is a simple one - the deal is supported by a performance undertaking from the government that effectively guarantees the bonds.

Banco Bilbao Vizcaya Argentaria this week launched a Eu900m securitisation of its loans originated under state funding agency Instituto de Crédito Oficial's line of credit for small and medium sized enterprises (PYME). BBVA launched a standard CLO in February, but this deal more closely resembles two previous smaller securitisations of PYME loans, launched in March and June this year. Each of those parcelled assets contributed by a group of Spanish banks.

ASR Bank, a subsidiary of Dutch insurance company Stad Rotterdam Verzekeringen, successfully returned to the MBS market this week with a Eu700m deal that attracted good pan-European interest. Lead managed by ABN Amro (books) and Fortis Bank, the deal follows fourth quarter issues by SNS Bank, DBV Levensverzekeringsmaatschappij and Delta Lloyd, in the busiest period of Dutch MBS issuance ever seen. Aegon Nederland is expected to end the spate when it makes its MBS debut next week.

The European securitisation market is going into December with what is probably the heaviest workload it has ever had for the last month of the year. One syndicate official estimated this week that there is a further Eu10.5bn of deals that could realistically be launched by year end. That so much issuance could even be contemplated in December is a testament to the market's maturity - but also to the perennial problem that deals take longer to structure and sell than expected, so that business piles up at the end of the year.