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Three weeks after BNP Paribas' European securitisation group resigned to move to Credit Suisse First Boston, the tussle between the two banks has ended and the new composition of the two groups has become clear. BNP Paribas mounted a rapid counterattack after nearly all its European securitisation staff resigned, putting each defector under pressure to stay. After a sustained struggle, the bank succeeded in retaining key members of the team that had structured Paribas' Italian deals, one of the most significant parts of its business.

This is the second week of DW's Learning Curve coverage of two consultative papers issued by The Basel Committee on Banking Supervision.

Eastern Europe has failed to deliver great volume for the loan market in the first months of the year. But now there are signs that a number of relatively large facilities for well-known names are set to appear in the next month or two. These deals are likely to set new benchmarks in terms of pricing, as borrowers capitalise on the high levels of potential liquidity for eastern European names. Philip Carter reports.

Central and eastern Europe's debt markets are well and truly on the comeback trail. The region's economies are gradually powering up and the rating agencies are recognising the change by upgrading both sovereigns and corporates. Investor appetite is returning and it is not just limited to issues for the EU accession states. Witness Kazakhstan's $350m seven year issue. Nick Parsons reports on a region fighting back.

Central and eastern Europe is forcing its way into the western consciousness. Poland, Hungary, Estonia and Slovenia are all expected to enter the EU by 2005, while the Czech Republic, Latvia, Lithuania and Slovakia look set to follow two years later. A boom in the currency and equity markets pending entry to the EU is widely predicted. Michael Hoare reports.

Premarketing for Vodafone Pacific's A$3bn share placement will begin in May following syndicate analyst meetings this week. Goldman Sachs is global co-ordinator and bookrunner, JB Were is joint lead manager for the domestic issue and Warburg Dillon Read will act as international co-lead manager. The international syndicate comprises Deutsche Bank, Merrill Lynch and Salomon Smith Barney. The domestic syndicate includes ABN Amro, Maquarie and Ord Minett.

Mass Transit Rail Corporation (MTRC) has been sounding out banks about its latest debt market financing, which is likely to involve a debut euro-denominated deal. Bankers said the government-owned authority would be looking for the equivalent of $500m or more for a minimum of five years.

Australia ANZ Investment Bank and Lehman Brothers have formed an alliance to originate and distribute capital markets products into each other's established markets. The two firms will work together to link ANZ's local market and client base in Australasia with Lehman's global M&A and capital markets expertise.

Hong Kong Goldman Sachs and Morgan Stanley Dean Witter are joint arrangers for the planned Nasdaq IPO of iAsiaworks.com, a regional internet service provider and web hosting business. The company made a public filing last week, although bankers believe the deal is at least two months away from launch.

ETSA Utilities, the South Australian electricity distributor completed its A$2bn equivalent funding requirement this week in advance of its end of May deadline - with a HK$1bn five year and three months fixed note issue via sole lead manager HSBC Markets. In addition, there were Australian and US dollar private placements. The deal was the final stage of a refinancing blitz for ETSA in the last month that has become one of the largest Australian fundraisings in the capital markets.

Market report: Compiled by Glenn Blackley,