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JOINT bookrunners Merrill Lynch and JP Morgan began roadshows this week for the second securitisation of UK nursing home leases by NHP -- formerly Nursing Home Properties. Care Homes No 2 will offer three 24 year bullet tranches with fixed rate coupons, totalling £265m. The £180m senior note will be rated triple-A by Duff & Phelps and Standard & Poor's -- beneath that are £60m of single-A rated mezzanine bonds and £25m of triple-B debt.

INVESTORS will get a rare chance to buy a public collateralised loan obligation backed by loans to European corporates in early February, when HypoVereinsbank brings Eu2.126bn of bonds securitising loans from its Luxembourg branch. Lead managers Goldman Sachs and HypoVereinsbank will roadshow Geldilux 99-1 Ltd in London next week.

UNION DE Crédit pour le Bâtiment, a subsidiary of Paribas Retail Financial Services, brought securitisation into the euro era this week with a Eu1bn mortgage backed offering from special purpose vehicle Domos 5. The deal is the largest euro securitisation, and only the third so far. It is also one of the biggest mortgage securitisations in Europe, and the first of floating rate home loans in France.

AMERICAN Honda Finance Corp joined the parade of auto lenders that have led asset backed issuance in the US so far this year, when Credit Suisse First Boston brought a $729.508m fixed rate deal. Honda Auto Receivables 1999-1 Owner Trust was priced well inside last week's $411.98m deal for Mitsubishi Motors Credit of America.

Australia The Australian Stock Exchange is again seeking to change the composition of the All Ords index following last year's debacle. The ASX announced proposals in December to create an ASX 100 and an ASX 250 to replace the All Ords, only to see its plans rejected by fund managers. Bankers said that the 10 largest stocks now account for more than half the market's A$500bn capitalisation.

INDIA's National Thermal Power Corp (NTPC) has moved into the final selection process for a $100m US targeted transaction it hopes to launch by March. Bankers bidding for the deal, however, said that complications with the structure of the transaction, combined with signs that bidding is shifting into the historically slow moving realm of the Indian public sector mandating process, could throw the timetable into jeopardy.

SAMSUNG Electronics this week launched the first public securitisation by a Korean corporate, as Crédit Lyonnais inaugurated a $100m revolving programme to finance the company's export receivables. The French bank's US asset backed commercial paper conduit Atlantic Asset Securitization Corp issued some $7m of A-1/P-1 rated one month CP. The notes are backed by payments due from Samsung's overseas customers for finished goods such as televisions, monitors and microwave ovens. The assets have an average maturity of 90 days.

THE INNOVATIVE exchange offer for Bangkok Bank, scheduled to close on January 25, looks to be moving successfully to completion. Structured to aid the bank improve tier one capital ratios, the offer comprises three subordinated US targeted deals that will be exchanged into two new lines with slightly extended maturities. Under offer are three outstanding subordinated debt issues comprising a $300m 7.25% 2005 issue originally led by JP Morgan at 112bp over Treasuries; a $150m 8.5% 2016 issue also led by JP Morgan at 155bp over Treasuries; and a $300m 8.3/8 2027 issue led by Morgan Stanley Dean Witter at 155bp over Treasuries.

FOR THE SECOND year running, Westpac has kicked off its funding programme for the year with a transaction in Japan's Uridashi market. An A$125m three year fixed rate deal launched this week marks the third time that the AA-/Aa3 rated credit has tapped its ¥100bn shelf over the past year, each time with Nomura as lead manager.

JARDINE Fleming completed a block trade of 100m shares, or around 6% of Indofood Sukses Makmur yesterday (Thursday). Raising $60m and involving government-owned shares, the deal is the first Indonesian privatisation since Cemex's successful bid for a stake in cement company Semen Gresik, also through Jardine Fleming. Bahana Securities and Danareksa acted as selling brokers for the government; buyers' names will be revealed later in the month as Indonesia enjoys a public holiday for much of next week.

THE LIKELIHOOD of a first bond issue emerging from Greater China this month faded further into the distance this week as spread volatility from Latin America cast a new shadow over Asia. Bankers reported that although Hong Kong/China spreads were the least affected of any Asian credit by events in Brazil, timing remains far from ideal for the kind of large benchmark bonds envisaged by the Mass Transit Railway Corporation (MTRC) and State Development Bank of China (SDB).

PLANS BY the Republic of the Philippines to launch a debut euro offering were complicated this week by growing confusion over lead management roles and collapsing emerging market spreads triggered by problems in Brazil. Following the overwhelming success of its surprise $1bn split 10 and 20 year offering last week, the Philippines had hoped to capitalise on positive sentiment by bringing a roughly $500m equivalent euro deal to market in late February/early March.