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* Bayerische Hypo- und Vereinsbank AG Rating: Aa2/AA-

CITIBANK and National Bank of Greece (NBG) have won the mandate to arrange a Eu1bn five year revolving credit for the Hellenic Telecommunications Organization (OTE). The award of the mandate closes an intensive bidding process where many of the Euroloan's top arrangers were pitching for top position.

Nick Gardiner has joined MeesPierson in London as a manager in the energy finance team. Gardiner joins from Greenwich NatWest where he was associate director in syndications. Charlotte Seagrave has joined Chase Manhattan in London where she will take up the position of vice president in the loan distribution team that is headed by Simon Treacy.

UK MORTGAGE lender Southern Pacific Mortgage Ltd this week launched its first securitisation of non-conforming and sub-prime home loans since its US parent filed for self-liquidation last October. Sole manager Barclays Capital structured the £66m deal under the anonymous name of Non-Conforming Mortgages 1 plc, since Southern Pacific's liquidators plan to sell SPML, and the company's name may disappear from the UK scene.

* Warburg Dillon Read this week launched an A$160m domestic mortgage backed issue for Bank of Queensland. REDS Trust Series 1999-1 offers A$155.6m of bonds rated AAA by Standard & Poor's with a three year average life, and A$4.4m of subordinated notes rated AA- with a 5.3 year average life. The pricing ranges are 36bp to 38bp over the one month bank bills swap rate and 75bp area.

PARIBAS this week brought a Eu321m securitisation of French consumer loans originated by Cetelem, a subsidiary of Paribas Retail Financial Services. MasterNoria 1999-1 is the second issue from the first French master trust structure, which allows multiple issues of bonds to share a single pool of collateral. The structure saves on transaction costs, and allows risk and gain to be shared across all transactions issued under the programme. There is a single reserve fund to gather excess spread -- conversely, should the assets underperform beyond a certain trigger, all deals will amortise early.

AUSTRALIAN non-bank mortgage lender RAMS Home Loans Pty Ltd returned to the Euromarkets this week with a $500m securitisation, lead managed by JP Morgan. RAMS made its international debut last September with a $400m deal just after the Russian default. JP Morgan had to reduce the issue from $450m, but still managed to price the senior bonds at 14bp and 17bp over three month Libor with average lives of 2.7 and 5.3 years.

BILBAO Bizkaia Kutxa, Spain's third largest savings bank, issued its first securitisation this week -- with a Eu150.2m mortgage backed deal structured by Morgan Stanley Dean Witter. At the equivalent of Pta25bn, the transaction is on the small side for the Spanish market, and BBK already has a return on equity of 20.4%, more than 4% higher than the average for the savings bank sector.

SOFINLOC, a subsidiary of Banco Finantia, this week launched the second term securitisation from Portugal, parcelling car loans, leases and long term rental contracts into Eu213.1m of bonds lead managed by Deutsche Bank. Deutsche opened the market last July with a DM435.1m consumer loan deal for Banco Comercial Português.

Last week's Learning Curve covered "functional Greeks" for instruments valued using interest rate models with curve- and surface-valued parameters.

INVESTOR sentiment toward the Singapore property market is set to be tested with the imminent launch of the DBS and Morgan Stanley Dean Witter-led IPO for Allgreen Properties. Although no figures or details are yet available for the deal, bankers said anything from $100m to $300m could be raised from the sale. The domestic offer is lead managed by DBS Bank.

MERRILL Lynch has launched a $300m ADR for Asia Pulp & Paper, helping to shore up the nascent recovery in the Asian new issue market. A total of 40.3m ADRs will be sold in the deal, which also includes a separate warrants issue for existing shareholders. A small syndicate is still being formed for the issue, which is part of an restructuring of the company's books. The deal will price during the week of April 19, and a discount of up to 5% on existing ADRs (trading at $7.50 on Thursday) has been suggested by some bankers.