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DUTCH issuers are lining up to tap the new issue markets in the early part of next year, despite this week's abrupt halt in the global stockmarket recovery. In addition to a large number of small to mid-sized corporates, United Pan-European Communications (UPC) has announced its intention to launch its flotation in January.

LBO specialist banks are jostling for prime positions with equity houses for the soon-expected £300m LBO of Coral, the betting shop chain. Banks active in the European LBO market this year -- such as Goldman Sachs, Barlcays, Citibank, HSBC, Deutsche and Warburg Dillon Read -- will be interested in the deal.

* Deutsche Bank Finance NV Guarantor: Deutsche Bank AG

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THE MANAGEMENT of Argentina's partially privatised oil company YPF served notice yesterday that it would oppose any major oil group attempting to take over the company by buying the government's 14.9% stake which is due to be auctioned in mid-January. YPF said it wanted to "clarify" that it would not support any government attempt to change its by-laws that would ultimately enable the winning bidder of the 14.9% stake to increase its holding through a share, cash or cash-share tender offer.

ILLINOIS electricity utility Commonwealth Edison has reopened the stranded cost securitisation market with a $3.4bn deal lead managed by Goldman Sachs (books), Merrill Lynch and Salomon Smith Barney. The bonds are all placed and the deal will likely price today (Friday) at the tight end of price talk. Illinois passed legislation earlier this year introducing competition to the state's electricity market. To compensate ComEd for infrastructure investments it made believing it would continue to operate in a regulated market -- so-called stranded assets -- the state has permitted the company to raise a statutory levy on electricity users.

* Daimler Benz North America this week brought its largest ever securitisation of vehicle loans, and the first since its merger with Chrysler. "This is a landmark deal for Daimler -- the largest ever mixed securitisation of car and truck loans," said Andrew Dym, managing director in global securitised finance at Chase Securities, joint bookrunner with Salomon Smith Barney. "With Treasuries rallying strongly and swap and credit spreads widening, this deal held together very well, thanks to Daimler-Benz's sought-after name, high quality assets and strong servicing operation."

AC FIORENTINA, the leading Italian football club owned by the Cecchi Gori Group, this week raised Lit67.5bn from a securitisation of its future ticket revenues through a deal arranged by Merrill Lynch. The transaction follows the template Merrill established with a Lit50bn deal for Lazio football club in October 1997 -- investors accept that the amortisation speed of the bond cannot be predicted accurately, but receive an attractive floating rate yield in compensation, and take comfort from the strength and historical stability of the underlying cashflows.

Suppose you own XYZ Company bonds.

THE JURONG Town Corporation (JTC) initiated the first stirrings of a semi-sovereign bond market in Singapore this week with the launch of a maiden S$300m public bond issue off its newly inaugurated S$4bn MTN programme. Together the programme and bond issue have set a number of firsts: the largest MTN programme in Singapore's history; the first bond issue by a Statutory Board to be listed on the Stock Exchange of Singapore and the first to be offered to the retail public -- who were allowed to purchase S$10m in paper with their Central Provident Fund (CPF) savings.

* ABN AMRO completed a Ps3.47bn ($87m) share placement in Bank of Philippines Islands this week. The 44.5m share deal represented a 5.5% sell-down by the Araneta family and was completed at Ps78 per share, representing an 8% discount to close. * Singaporean Internet service provider Pacific Internet (PacNet) is hoping to take advantage of the recent bull run of US internet-related stocks by becoming the second local company to list on Nasdaq.

JAPAN'S largest independent consumer finance company Nippon Shinpan launched a ¥49.8bn securitisation of shopping loans this week, sole managed by Goldman Sachs. "Nippon Shinpan has been a pioneer of securitisation in Japan -- the company realised early on that it was important to diversify its funding away from the banks," said a securitisation official at Goldman Sachs in Tokyo. "The benefits of securitisation are particularly clear now, when bank funding is much harder to obtain."