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Bayerische Hypotheken- und Vereinsbank fulfilled its promise of regular issuance under its Geldilux collateralised loan obligation programme this week, launching a Eu750m deal with a new structure designed to satisfy investors' craving for yield. HypoVereinsbank brought the first Guarantees of Euro-Loan Debt in Luxembourg transaction in February - the Eu2.22bn issue, jointly led by HVB and Goldman Sachs, was the first CLO in euros.

Building society turned bank Northern Rock Plc raised £600m from its first issue of mortgage backed securities this week, and lent new credibility to hopes that securitisation could at last be entering the mainstream of UK bank finance. The UK has produced a regular stream of mortgage securitisations since the late 1980s, but most of the deals have always come from new entrants to the market, including, in the last few years, sub-prime lenders.

Valtion asuntorahasto, the Housing Fund of Finland, brought its fourth securitisation of social housing loans this week. At Eu500m, Fennica 4 was the largest issue yet from the programme and the first to be denominated in euros from the outset. "The main objective of this deal was to widen the investor base for Fennica bonds," said Riita Salonen, Helsinki based head of capital markets at Leonia Corporate Bank, which lead managed the issue jointly with bookrunner Paribas.

n ABN Amro's mammoth mortgage deal, worth around Eu2.35bn, is expected to be launched next week. Unofficial price talk is 25bp to 27bp over Euribor for the five year tranche and 30bp to 32bp over for the 10 year fixed rate piece. Market participants said the deal would likely price at the outer ends of both ranges. n RMAC 1999 - NS2, the second non-conforming mortgage securitisation from the UK branch of GMAC's residential mortgage arm Residential Funding Corp, may emerge as early as next week through Barclays Capital.

Currency overlay is becoming increasingly popular with investors who need to manage foreign exchange risk.

Orix Corp of Japan will launch an innovative two-pronged assault on the international equity markets next week with a ¥35bn straight equity deal and a ¥35bn Euro-convertible offering. Global co-ordinators for the sale are Daiwa, Merrill Lynch, JP Morgan and Warburg Dillon Read.

China Ocean Shipping (Group) Company, the country's largest shipping concern, this week completed the first stage of a future receivables securitisation that has been nearly two years in the making. Chase Securities placed $235m of five year notes privately with a single US institutional investor. The transaction forms part of a $300m securitisation programme mandated to Chase in November 1997. Cosco became the first Chinese entity to securitise future flows in August 1997, when BancBoston Securities launched a $300m deal backed by freight revenues from its US clients.

n The Democratic Republic of Sri Lanka has decided to postpone plans for an inaugural bond offering - for the second year in succession. Nearly two months ago, Citicorp and Salomon Smith Barney were mandated as ratings advisers to the government in its ambitious plan to bring a $150m to $200m five year fixed rate transaction to market by October.

The September rush in the Asian equity capital markets will begin in earnest next week, with Synnex Technology, Mosel Vitelic, Siam Cement, Thai Farmers Bank and Hyundai Motor commencing roadshows on Monday. Taiwan's Synnex will roadshow its offering in Asia next week and in Europe the following week, before pricing towards the end of the week of September 20 following the completion of roadshows in the US.

MACQUARIE Corporate Tele-communications will aim to capitalise on the enthusiasm for the second sale of shares in Telstra with a A$172m IPO that was launched on Monday. Macquarie's listing also follows the successful market debut of Hutchison Telecommunication a fortnight ago. The institutional tranche of Hutchison's A$309m deal was 15 times oversubscribed.

Japanese issuers produced deals in both the Swiss franc and yen Euro-convertible market this week. International Bank of Japan was bookrunner for a ¥3bn Euro-convertible from Atom Corp, while Nomura completed a Sfr30m deal for Kuramoto Seisakusho. Atom's Alpine convertible had a coupon of 0.125%. The bond comes with an issue and redemption price of par.

Stephen West has taken up a new senior position in the debt capital markets division of Merrill Lynch in London. As foreshadowed in Euroweek, Merrill won the services of the experienced West in the face of strong competition.