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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.

In a global economy it is essential that each country establish a transparent and efficient regulatory system for financial products.

Majority state-owned Telekom Malaysia has embarked on a roadshow to launch a $250m 10 year bond issue early next week. The transaction, which is widely expected to be the last international deal from ex-Japan Asia this year, is the first Malaysian non-sovereign issue for over a year.

DaimlerChrysler's credit spreads have been hit hard by last week's announcements from Moody's and Standard & Poor's that the auto manufacturer's long term A1/A+ ratings are on review for a possible downgrade. The announcement followed DaimlerChrysler's profits warning for its US operations and the decision that it would replace Chrysler chairman James Holden with Daimler's Dieter Zetsche, who will be assisted by a team of troubleshooters from Germany.

E-commerce software solutions provider abaXX is pushing ahead with its Eu72m-Eu93m Neuer Markt IPO, in the hope that investors will be so impressed by its technology they will buy shares even in the extremely poor market conditions. The company is due to list on December 1, but in a week in which the Nemax 50 index hit an all time low, it may prove hard to persuade investors to buy anything on the Neuer Markt. JP Morgan is managing the deal.

The chief executive of UK water utility AWG (formerly Anglian Water), Chris Mellor, this week said that proposals to separate the company's regulated water assets and operations by next June have been given "an amber light" by industry regulator Ofwat. Two weeks ago, Ofwat director general Philip Fletcher said he saw "no insurmountable issues" arising from non-profit making company Glas Cymru's acquisition of Welsh Water from Western Power Distribution (WPD).

The market this week shrugged off Moody's decision to change Argentina's ratings outlook to negative, after the country's government displayed much needed leadership by clinching an agreement with regional governors to freeze spending for five years at federal and provincial levels. The agreement boosted investors' confidence that president Fernando de la Rúa's government has the strength to push through a package of reform measures required to win an estimated $20bn-$24bn IMF-led emergency package.