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Argentina * Banco de Galicia y Buenos Aires SA

SCHRODERS and AB Asesores are to launch the sale of stock in Funespaña, the Spanish funeral company. The deal should raise Pta8.5bn ($50m) through the sale of shares to international and domestic institutional investors. Some 30% of Funespaña's equity capital will be sold through the sale of primary and secondary shares. Selling shareholders include the majority owner Dinamia, the domestic venture capital group.

* Caisse de Refinancement Hypothécaire Rating: Aa1/AAA (Moody's/Fitch IBCA)

LEADING private sector Turkish financial institution Türkiye Garanti Bankasi has launched a bond buyback offer, with the bank tendering to repurchase up to $100m of its $350m 9.375% October 15, 2002 Euro/144A issue. That issue was launched on a fiduciary basis via Garanti's Cayman Island-registered SPV, Pera Financial Services Co, in early October 1997 -- before the Asian and Russian financial crises hit the emerging market debt sector.

* European Investment Bank Rating: Aaa/AAA

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Belgium Banque Nationale de Paris (facility agent) and Citibank (bookrunner and documentation agent) have launched the $750m revolving credit for Tractebel into general syndication. Commitments are due at the end of next week.

Asset backed securities: * J-Shop Corp II

BANKBOSTON completed a $2.18bn securitisation of loans to US corporates this week, offering three and five year global bonds. To maximise liquidity and secondary market support, BankBoston employed three leads: Lehman Brothers (books), Merrill Lynch and Morgan Stanley Dean Witter. "BankBoston has set the new benchmark for CLOs," said a syndicate official at Lehman in New York. "The deal was tremendously successful -- we took into account everything that investors want. The loan diversification is high, the portfolio shows as few losses as any of the other CLOs, and the whole deal is ERISA eligible. We will also be providing monthly collateral reports, as on a credit card deal."

MBNA International Bank, the UK arm of US credit card issuer MBNA, brought its seventh securitisation last Friday -- a £240m three year deal lead managed by Barclays Capital. "We started premarketing on Tuesday, and found demand in the mid-20s over Libor, but we wanted to do the full size deal and make it the success that MBNA is used to," said Richard Mann, syndicate director at Barclays.

* ING Barings has executed a $100m future flow securitisation of Visa voucher receivables for Banco de Crédito del Perú. The deal was privately placed earlier this month with a wrap from MBIA-Ambac International. The transaction has a 3.88 year average life and seven year legal maturity. It is backed by hard currency revenues that BCP earns from overseas banks, mainly in the US, for honouring Visa vouchers. The transactions arise when travellers to Peru use a credit or debit card.

GREENWICH NatWest this week brought the second securitisation of UK sub-prime mortgages for Ocwen Ltd, the subsidiary of US lender Ocwen Financial Corp, which acquired the UK business of City Mortgage Corp in April this year. City Mortgage issued six securitisations before its takeover, which all continue to perform, but its business practices were criticised by the Office of Fair Trading.