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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.

ABN AMRO and Merrill Lynch will launch a $130m convertible bond for China Merchants Holdings as early as next week to fund the red chip's recent acquisitions on the mainland. The five year issue has been extensively pre-marketed this week with talk of a coupon range of 6% to 7% and a conversion premium range of between 10% and 20%. There will be a three year hard no call provision on the deal, for which a size range of between $100m and $200m has been mooted at various points during the week.

SIAM COMMERCIAL Bank (SCB) began roadshows this week to raise up to $875m in non-government purchased new equity with a simple message for investors: "This is an honest bank and our books are open for all to see." In an unprecedented move the 300-page prospectus includes an independent auditors report focusing on key issues such as collateralisation and non-performing loan (NPL) rates, worries over which have proved such a hindrance in the past.

THE FINAL step towards a full recovery in the Latin new issue market arrived this week when Multicanal, the Argentine cable TV company, became the first sub-investment grade Latin corporate to issue unguaranteed US dollar denominated bonds. The 10 year/put five deal, led by CSFB and BankBoston (joint books) was originally launched at $100m, but demand was such that it was increased to $175m and still traded up to 101.75 from a fixed reoffer price of 99.553.

THE PHILIPPINE Long Distance Telephone Company (PLDT) posed a new test of investor tolerance for Asia's leading corporate credits this week with the launch of the company's first public bond offering in two years. Long regarded as the region's benchmark emerging market borrower, the high spread paid by the Ba2/BB+ rated PLDT for its deal on a historical basis elicited a mixed response from market players.

MERRILL Lynch and Hyundai Securities will price Shinhan Bank's $350m GDR sale at the end of today (Friday) with early indications pointing to the deal being fully covered. Although a strategic investor is now known not to be involved in the deal, bankers said that Merrill is likely to have a large anchor client to have been confident enough to have roadshowed the deal over the Easter break. Providing a 15% greenshoe is exercised, the deal will raise the $400m the bank believes is necessary for it to reach capital adequacy targets.