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In last week's issue of DW we looked at the treatment of credit risk mitigation in the recently released consultation paper by the European Commission on new capital adequacy rules for European Union financial institutions.

Australia BNP, Salomon Smith Barney and Warburg Dillon Read completed one of the last equity fundraisings of the year with a A$120m sale for Solution 6.

CREDIT Suisse First Boston and Goldman Sachs are preparing to launch the $500m privatisation of Indian Oil Corp (IOC) in January. The move follows the successful completion of Gas Authority of India's (GAIL) secondary placement of 22.5m GDRs in November. The Jardine Fleming and Morgan Stanley Dean Witter-led deal raised $218m and helped satisfy investor appetite for Indian issues.

* 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