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Japanese finance company Orient Corp (Orico) is preparing to securitise the subordinated tranches that it retained when it brought its six international securitisations of auto loans - the Oscar series. The concept is a highly unusual one in international structured finance, and the ¥23bn deal, lead managed by Mizuho Securities, will be the first of its kind in Japan.

ORIX New Zealand Ltd, a subsidiary of finance company ORIX Australia Ltd, this week priced the first securitisation in Australia or New Zealand to be backed by the residual value and maintenance risk of auto operating leases. The NZ$98.4m deal was lead managed by Macquarie Finance (NZ), the New Zealand subsidiary of Macquarie Bank.

The Singapore domestic debt market showed signs of revitalisation this week with two companies making debut bond issues. Domestic company Singapore Airport Terminal Services (SATS) arranged a S$200m three year issue from its debut, newly created S$500m medium term note programme, while Bank of America slipped into the market with a S$100m 10 year bond, its first in the Singapore market.

Mirvac Group is preparing to launch the largest CMBS issue to date in Australia. The listed property trust is seeking to totally refinance its bank borrowings, by launching A$500m of commercial mortgage backed securities (CMBS) within the next six weeks.

Hong Kong Standard & Poor's (S&P) has raised Hong Kong's long term foreign currency rating from A to A+, also improving the sovereign ceiling-constrained ratings of companies including Hong Kong Electric, CLP Holdings and Mass Transit Railway Corp to A+.

CSFB has hired two JP Morgan managing directors, Klaus Said, who from 1993 to 2000 ran global exchange and commodities, and Gael de Boissard, who was head of European interest rate trading. De Boissard becomes head of European interest rate products, reporting to Trevor Price, who heads CSFB's rates business.

Credit Suisse First Boston was out yesterday (Thursday) bookbuilding for the sale of a Eu3bn stake in Italian energy company Eni. The company, which is listed in New York and Milan, is 35% owned by the Italian government. "It has been rumoured for a while the government was going to try and offload 5%," said Alastair Syme, an oil and gas analyst at Schroder Salomon Smith Barney in London. Yesterday, it happened. "They probably saw the share price," he added, "and knew that oil prices cannot stay so high for long, and decided they would monetise a bit of that now." Eni stock reached a 12 month high on Wednesday of Eu7.26.

* GMAC International Finance BV Guarantor: General Motors Acceptance Corp

EuroWeek understands that the credit facility backing DB Investments' $17.6bn bid for De Beers, the world's largest diamond producer, is likely to carry extremely attractive terms and that the margins on offer will be much higher than the levels seen on previous facilities for De Beers and related companies. UBS Warburg, as bookrunner, and Dresdner Kleinwort Wasserstein have jointly underwritten $5.3bn of senior debt, in three tranches, that will finance the DB Investments consortium's plan to simplify the share structure of De Beers by buying out minority shareholders and nullify complex cross-shareholdings.

DePfa broke new ground this week by using a pot system on its latest Pfandbrief issue - a Eu3.5bn global that was priced yesterday (Thursday). It is the first time a pot structure has been used in the Pfandbrief market. The 10 year global, which was led by Commerzbank, Goldman Sachs and Morgan Stanley Dean Witter, was priced at 51bp over the Bund, equivalent to Euribor less 3bp.

Just when telecoms companies thought things could not get any worse, this week they did.

Dresdner Kleinwort Wasserstein has appointed Nick Morgan from JP Morgan to be head of ABS syndicate. Morgan is one of the most experienced asset backed syndicate officials in Europe, and his hiring is a key step in Dresdner's push to build a strong securitisation franchise.