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BRAZIL'S capital outflows slowed to a comparative trickle this week as the country reached agreement with the IMF on its fiscal plan and $30bn support package. The government announced it would release details of its long awaited three year fiscal plan in the middle of next week, after state governors go to the polls for the second and final time on Sunday.

LEAD managers Deutsche Bank and Banco Cisf will next week begin bookbuilding for the Esc158bn ($940m) sale of stock in Portugal's partially privatised toll-motorway operator, Brisa. This will be the second stock offering in Brisa, which was floated last year, and is regarded as one of the most defensive deals to be launched in the fourth quarter. Having been floated at Esc4,850, the shares were trading this week at around Esc8,250. "Not only have they doubled in the past year but the company is not from an over-sold sector and has pretty visible earnings streams," said one analyst in Lisbon.

CANADA will launch its debut French franc issue today (Friday), in the form of a Ffr3bn April 2009 bond. Lead managed by JP Morgan and SG, the deal is expected to emerge at 18bp to 20bp over OATs.

CANADA will launch its debut French franc issue today (Friday), in the form of a Ffr3bn April 2009 bond. Lead managed by JP Morgan and SG, the deal is expected to emerge at 18bp to 20bp over OATs. "Market stability seems to have returned to the fixed income marketplace," said a Canadian government official. "It is now easier to contemplate a benchmark-type transaction.

THE WELCOME Break Group, which operates the UK's second largest chain of motorway service areas (MSAs), returned to the asset backed market this week with a £55m tap of the £321m securitisation that financed the company's MBO in August 1997. "We are delighted with the deal," said a syndicate official at sole manager Bankers Trust. "Since July the Euromarkets have been virtually closed to corporate borrowers rated below triple-A -- it is a testament to Welcome Break's business performance that it has attracted such strong interest."

DUTCH insurance and financial services group Stad Rotterdam Verzekeringen brought its second mortgage securitisation this week with a Dfl 600m deal led by Bear Stearns, De Nationale Investeringsbank and ING Barings-BBL. Like Stad Rotterdam's first deal of the same size, launched last December, Dutch MBS 98-1 gives the group term funding for its mortgages -- and the passthrough structure eliminates the originator's asset liability mismatch.

SPANISH banks Banco Popular, Banco Sabadell, Caja de Madrid and Ibercaja this week jointly launched the largest Spanish mortgage securitisation to date -- a Pta195bn ($1.4bn) deal lead managed by themselves, with Morgan Stanley Dean Witter as bookrunner. The issuing banks bought the bulk of the paper themselves to use as collateral for repo agreements with the Bank of Spain. The central bank announced in June that it would extend liquidity to banks only in the form of repos, but that it would accept triple-A rated Spanish MBS as collateral.

REVEALING its biggest ever six month loss of ¥205bn (£1bn), Nomura has announced it intends to streamline its operations, focusing on customer-driven business, and integrating its various banking divisions worldwide into a global entity. Among the units to figure in the shake-up will be Nomura International, which lost £289m, much of it attributable to trading positions in Russian and other emerging market bonds savaged by recent market volatility. The largest black hole, however, was formed by Nomura Holdings, the US operation which stumped up heavy losses on real estate and commercial mortgage backed securities holdings.

In June, the Financial Accounting Standards Board issued its Statement of Financial Accounting Standards number 133, titled accounting for derivative instruments and hedging activities.