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UBS IS SEEKING buyers for its asset backed commercial paper conduits, Mont Blanc, Monte Rosa, Eiger and Matterhorn. The programmes had combined average outstandings of $17.7bn in the third quarter of 1998. The conduits were set up by Union Bank of Switzerland, and since the old UBS merged with Swiss Bank Corp last year, the new management, with its enthusiasm for profit and a lean balance sheet, has been sceptical of the merits of the business.

* Bookrunner CIBC World Markets and joint lead Bacob Artesia Bank will launch Eerste Vlaamse Effectisering SKV 1, the first securitisation of Flemish social housing mortgages, today (Friday) or on Monday, pending final approval by rating agencies and the Belgian banking commission. The single tranche Eu324m deal will have an average life of 4.47 years, and pricing will likely be 22bp to 25bp over three month Euribor. Overcollateralisation will provide credit enhancement of 6.5% to 7%, and the deal will have a 40% risk weighting in Belgium on the strength of a 20% guarantee from the Flanders government.

PARISIAN OPTION VALUATION

Want to get ahead in the race to secure a place in the top rungs of the euro-denominated league tables? Then don’t ignore the opportunities that Asia’s financial markets could provide. Asia’s issuers —hamstrung by the region’s financial woes — have been the slowest to access the new single currency debt market. But when the deal flow picks up again, the region’s borrowers are likely to look favourably on a sector that offers welcome diversification from their traditional Yankee and Asian FRN bases. Asia’s investors — in particular the mighty central banks and Japanese institutions, the kind of buyers that can make or break a deal — have, in contrast, been quick to pick up the euro baton. Investment banks are already seeking to lever their distribution capabilities in the region to secure mandates. Jackie Horne reports.

Venezuela's new president, Hugo Chavez, is hoping that the republic will raise about $4bn in the international capital markets this year, according to bankers. Chavez is understood to have invited underwriters to meet his new financial management team and is eager to develop a borrowing strategy.

THE JUMBO facility backing Vodafone's $62bn merger with AirTouch of the US is set to emerge by next Thursday, say insiders. The exact amount is still undecided, with bankers predicting the record facility will be anywhere between $13bn and $16bn. US tax issues are the main reason why the size has not been settled yet.

Warburg Dillon Read has increased its already sizeable share of the Euro-convertible market with the £400m sale of convertible bonds for Railtrack, the UK rail transport group. The deal is the second Eurosterling CB deal to emerge this year, following the recent sale of bonds in high growth telecoms group Telewest.

THE JUMBO facility backing Vodafone's $62bn merger with AirTouch of the US is set to emerge by next Thursday, say insiders. The exact amount is still undecided, with bankers predicting the record facility will be anywhere between $13bn and $16bn. US tax issues are the main reason why the size has not been settled yet.

France Bayerische Landesbank (Paris branch) have won the mandate to arrange a facility for Unibail, the 20% risk weighted French property company.

Both the euro and the dollar bond markets offered investors the widest range of credits to choose from this week as bankers continued to marvel at the astonishing tone of the major currency sectors in the first few weeks of 1999 and the wide variety of credits tapping them. Emerging market issuers made a welcome return to the international bond markets. Latin issuers continued to search for novel ways to raise funds, with Argentina raising $1bn of bonds with warrants and Pemex a similar amount in bonds linked to oil receivables.

The drought of Latin American corporate bond issues was finally broken this week when YPF launched a successful $225m 10 year Yankee bond at almost 300bp through the sovereign Argentinian yield curve. The deal, sole led by Merrill Lynch, was increased from $150m and priced on Thursday night at 99.684, with a coupon of 9.125% and a yield to maturity of 9.174. Its launch spread was 412.5bp over Treasuries at a time when the Republic of Argentina's 2006s have been trading around the 705bp region and its 2017s at around 669bp.

The drought of Latin American corporate bond issues was finally broken this week when YPF launched a successful $225m 10 year Yankee bond at almost 300bp through the sovereign Argentinian yield curve. The deal, sole led by Merrill Lynch, was increased from $150m and priced on Thursday night at 99.684, with a coupon of 9.125% and a yield to maturity of 9.174. Its launch spread was 412.5bp over Treasuries at a time when the Republic of Argentina's 2006s have been trading around the 705bp region and its 2017s at around 669bp.