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* Nomura this week launched a ¥10bn securitisation of Japanese consumer loans for Unimat Life Corp. The three tranche deal, launched under Unimat's ¥100bn Euro-MTN programme, parcels a geographically diverse pool of loans, of which all the obligors are female, and most have an annual income of less than ¥4m. The vast majority of the loans have a fixed interest rate of 34.31%. This makes the deal susceptible to the proposed drop in the legal interest rate ceiling from 40.004% to 29.2%. To compensate, the transaction has strong credit enhancement - overcollateralisation equivalent to 27.4% subordination, several cash reserves and triggers to halt the revolving process and payment of dividends to Unimat Life. DC Card Co is back-up servicer for the loans.

SALOMON Smith Barney hopes to follow up the success of Chartered Semiconductor with the launch of a $250m Singapore and Nasdaq listing for ST Assembly Test Services (STATS) during the first quarter of 2000. The Singapore Technologies spin off comes as the company restructures and hopes to tap the investor enthusiasm that led to a 16 times oversubscription level for Chartered Semiconductor.

THE STOCKMARKETS of central Europe are poised to take advantage of the booming demand for telecom stocks. With the Lithuanian government set to imminently announce the details of its forthcoming sale of the national operator, Lietuvos Telekomas, other authorities in the region are eyeing the state of the international equity capital markets with a view to maximising the proceeds of their own state sales. Valued at around $1bn, some 35% of the Lithuanian operator's equity capital will be sold off in an international share offering which should reach the markets in July 2000. The authority is likely to seek a local listing in Vilniaus as well as establish a London-listed programme for its GDRs.

Argentina * Republic of Argentina

* ICCRI - Banca Federale Europea SpA Guarantor: Banca Popolare di Lodi

* Bank Nederlandse Gemeenten NV Rating: Aaa/AAA/AAA

NEW ISSUE supply of internet stocks on Frankfurt's Neuer Markt is set to exceed even the most optimistic expectations in early 2000 as the market looks to have overcome the deep consolidation suffered over the summer to end the year up 42%. Valuations are pushing upwards once more with an average p/e ratio of around 60 and, although this level makes a minority of originators nervous of promising future earnings growth, the majority are more than happy to take on the business. If the Neuer Markt's valuations are sustainable, investment bankers claim that up to Eu20bn in new technology company stock will be sold in the first few months of next year. The market's next entrant will be Infonet, a US registered company that was floated on Nasdaq this week. The group's IPO was 17 times oversubscribed and the 51.28m ordinary shares were priced at the top end of the indicated Eu18 to Eu21 price range. The stock was listed on the big board in New York and this will be followed by a listing in Germany. The deal involved the sale of 38.4m primary shares and 12.8m secondary shares sold by the group's major shareholders, including Telefónica, Telecom Italia, Telstra, KPN, SwissCom, Telia and KDD. The transaction also includes a 7.7m secondary share greenshoe option. The deal was well subscribed by a variety of sector investors throughout the US and European markets and this made allocation a difficult process. Merrill Lynch was joined by joint global co-ordinator, Warburg Dillon Read, and co-managers ABN Amro Rothschild, Goldman Sachs, Lehman Brothers and Salomon Smith Barney. In addition to a backbone of local groups set to list in Germany, a growing number of foreign technology groups are also to list their shares on European second tier markets. The latest includes Mer & Co, the Israeli communications infrastructure company that has announced its intention to float on one or more of the Continent's stockmarkets in 2000. The transaction could value the group at between Eu120m and Eu150m. Local analysts viewed the move as positive both for the company itself and its parent group, Mer Industries. Away from the Continent, the UK market is set to host a variety of technology IPOs with Interactive Investor due to be among the first. The internet personal finance company confirmed this week that it would sell shares in an international public offer to be sponsored by CSFB. The deal will reach the markets in the first quarter of 2000 and could value the company at around £180m. Interactive Investor provides online investment data and software for stockbrokers in the UK, Hong Kong and South Africa. It will be raising new money to fund its expansion. The group sees its principle areas of growth in France and Germany and it is creating a broader site for potential users in Asia. Interactive also plans to sell unit trusts on the internet and to act as an online fund manager as well. The stock will be jointly listed on the London Stock Exchange and also on Nasdaq but the deal will not involve the sale of stock by existing shareholders. These include Hollinger International's venture capital business, founder Sherry Coutu and various members of management and other employees.

India Syndication for National Thermal Power Corp's ¥8.7172bn two year six month term loan is proceeding smoothly. Arranger State Bank of India (Tokyo) launched the deal with a presentation at the end of November in Bahrain. Presentations also took place in early December in Singapore and Tokyo.

The introduction of electronic distribution systems early next year is set to reshape international bond markets as banks race to provide frequent borrowers with a new efficient tool for marketing their securities. A small number of London-based houses are close to producing a workable system.

The introduction of electronic distribution systems early next year is set to reshape international bond markets as banks race to provide frequent borrowers with a new efficient tool for marketing their securities. A small number of London-based houses are close to producing a workable system.

SOUTH AFRICA'S Investec Bank has arranged a P200m ($43m) five year commercial paper programme for Botswana Telecommunications Corporation. The maximum tenor allowed under the facility is 184 days while issuance can be in both dematerialised and registered form - a first for southern Africa. In the absence of a central depository in Botswana, PriceWaterhouseCoopers will act as registry to the programme.

SOUTH AFRICA'S Investec Bank has arranged a P200m ($43m) five year commercial paper programme for Botswana Telecommunications Corporation. The maximum tenor allowed under the facility is 184 days while issuance can be in both dematerialised and registered form - a first for southern Africa. In the absence of a central depository in Botswana, PriceWaterhouseCoopers will act as registry to the programme.