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Greenwich NatWest this week sold a short term collateralised loan obligation for a financial institution operating in the UK, and inaugurated an innovative MTN programme that will be used for a variety of collateralised debt obligations. Bluebird Funding BV is a special purpose vehicle that has a $10bn MTN programme, as well as the capacity to act as a counterparty in credit derivatives. The multiseller vehicle can buy assets directly, and will issue separate series of notes or other securities for each transaction.

The Black-Scholes model is well known to suffer from various imperfections.

Recently the French government issued a 30-year OATi, an inflation-linked bond (ILB), boosting this nascent French debt sector.

Australia Warburg Dillon Read will launch the bookbuild for Queensland Tab's A$250m IPO on November 9.

Merrill Lynch completed its ¥28.5bn share sale for Japanese pest-control company Sanix this week. The 3m shares were priced at ¥9,500 - a 1.04% discount to the last sale of ¥9,600. A total of 2m primary and 1m secondary shares were sold. A 10 times oversubscription in the domestic tranche led to it being increased from 1.2m shares to 1.3m. The international tranche was subsequently reduced from 1.8m to 1.7m shares.

Finance company Orient Corp reaffirmed the improvement in pricing for international Japanese ABS this week, as DKB International brought the company's fifth Euromarket issue at a tighter spread than its first deal. Orico's first Oscar auto loan securitisation came in February 1998 at 28bp over one month Libor - new issue spreads slipped to 34bp in July 1998 and 60bp in November, before recovering to 44bp over this May.

Australia's first euro-denominated transaction was launched into inhospitable market conditions this week, with ABN Amro and Chase Manhattan lead managing a Eu300m offering for Publishing and Broadcasting Finance Ltd (PBL), the media and gaming arm of the Kerry Packer group. The seven year fixed rate transaction represented the Baa1/A- rated group's second attempt to access the international capital markets for its debut funding. Having previously roadshowed across the US in July, the group abandoned plans for a Chase-led $400m Yankee after investors demanded a large risk premium.

Following the successful completion of its Brady bond offering, the Republic of the Philippines has turned its attention to an ambitious plan to clear its balance sheet of poorly performing public housing sector loans. Having made housing growth a key engine of economic recovery, the government hopes to add further momentum by realising the value of its existing public sector mortgage portfolios through selling their receivables to private investment firms within a three month timeframe.

Australian non-bank mortgage lender RAMS Home Loans Pty Ltd returned to the Euromarket this week to issue MBS in a mixture of euros and dollars. Lead manager JP Morgan held a roadshow in Europe in August to explore demand for a euro denominated deal and found strong interest from continental investors. However, by the time of launch the heavy supply of European MBS had sated some of that demand, and the lead placed the deal's largest tranche in dollars.

The Australian government's A$15.1bn sale of Telstra tranche 2 bore the full brunt of turbulent international markets with an unsteady debut which eventually recovered to parity. The deal was the largest equity offering so far this year (soon to be eclipsed by NTT) and the largest offer in Australian history - enough to lend it a special status.

The successful and straightforward completion of a maiden international bond offering by the Export Import Bank of China (Chexim) yesterday (Thursday) provided an important marker of the momentum building behind China Telecom's (CT) much anticipated debut. Scheduled to price on October 28, CT's five year SEC registered global has already garnered a massive, albeit price sensitive book in advance of roadshows which began in the US on Thursday.

? Aegon Funding Corp Guarantor: Aegon NV