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Qatar Responses from potential co-arrangers are due in next week on the $475m Qatar Vinyl Company (QVC) project financing. Market talk suggests the re-priced deal will achieve a strong oversubscription, with bankers impressed by the new margin and fee levels.

* The International Primary Market Association has published a standard form pricing supplement, for use in MTN programmes. The document, which IPMA "strongly encourages" its members to use, provides a template to simplify documentation when making trades off MTN programmes, both new and extant. * The signing of Eurohypo's Eu10bn MTN programme has been postponed until early December, although a definite date has yet to be agreed.

BARCLAYS, Chase Manhattan and Greenwich NatWest, are close to winning the mandate to arrange a working capital facility for National Power, Euroweek has learnt. Details remain scarce but the size of the transaction is thought to be $1.25bn. The structure will probably include a short term tranche and a longer term tranche.

Market commentary Compiled by Glenn Blackley, RBC DS Global Markets, London. Tel: +44 171-653 4557

HFC BANK, the UK subsidiary of Household Finance Corporation of the US, launched its fourth securitisation of consumer loans last Friday -- a £150m deal lead managed by Barclays Capital. "We are very pleased with the deal," said Piers Williamson, HFC's treasurer. "This is the first securitisation from a UK repeat issuer since spreads really backed up, and Barclays has done an efficient job of pushing the bonds out.

ING BARINGS-BBL this week launched a Dfl 175m tap of its Colonnade structure, which finances local social housing institutions in the Netherlands. ING created the vehicle to provide an alternative source of funding for the country's 800 building societies, which are privately owned but state regulated providers of social housing, similar to the UK's housing associations.

BACOB Bank launched a Bfr11bn residential mortgage securitisation this week -- the Belgian bank's fourth securitisation of the asset class. MBS-4's three senior tranches came around 3bp, 5bp and 7bp wider than their equivalents in Bacob's previous deal in May, but those levels were still tight compared to most US and European asset backed paper.

* US lender Countrywide reopened the home equity securitisation sector this week after a drought of nearly two months with a $156m home equity line of credit securitisation through Countrywide Home Equity Loan Trust 1998-D. Wrapped by triple-A rated monoline insurer Ambac, the deal's single tranche has an average life of 3.51 years and expected maturity in November 2005.

What is exposure? It is one of the buzzwords of modern risk management, but in fact the word is used to describe a number of different variables.

AUSTRALIAN insurance giant AMP launched its first sterling bond in over eight years this week, in the inaugural transaction off its newly signed $4bn MTN programme. Led by Warburg Dillon Read, the £160m 12 year deal marked a milestone for the group, which despite an asset base weighted to the UK, is relatively unknown to the sterling bond buying community.

A SIX day Hang Seng rally and the inclusion of red chips in the IFC emerging markets index paved the way for around $420m in placements in Hong Kong this week. China Merchants Holdings (CMHI) opened the market and the week's largest trade, for Shanghai Industrial Holdings (SIH), effectively closed it. In between the two deals, placements were completed for Café de Coral, China Aerospace, Guangnan Holdings and Guangzhou Investment (GZI). Yesterday (Thursday), Citic Ka Wah Bank was also added to the list of placements. One banker described the week as "a feeding frenzy".