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* Swedish Export Credit Rating: Aa2/AA+

* European Investment Bank Rating: Aaa/AAA

STANDARD & POOR'S has stated that it does not believe the Russian crisis will have a significant impact on European banks. Their domestic profits, diversification of services and government support will allow them to absorb any emerging market losses. In Switzerland, Credit Suisse First Boston has total exposure of $2.16bn, net of provisions, but this compares with shareholder's equity of $21.3bn. German banks, particularly in the public sector, have a substantial exposure, but comparable support from the Länder.

* Bank Nederlandse Gemeenten Rating: Aaa/AAA

* Crédit Local de France Rating: Aa1/AA+

SWISSCOM'S IPO made its debut this week, defying instability in world stockmarkets to achieve exceptional premiums over their issue price. The shares ended yesterday (Thursday) at Sfr405.5, compared to the Sfr340 sale price. Global co-ordinators JP Morgan and Warburg Dillon Read priced and allocated the deal last weekend.

WELCOME Break Group, the UK's second largest operator of motorway service areas, is preparing to launch a tap of the ground breaking £321m securitisation that refinanced its LBO in August 1997. Bankers Trust, which lead managed Welcome Break Finance with BZW and Chase, roadshowed the £60m tap in London last Friday, and plans to price early in the week beginning October 19.

UBS LAUNCHED its Eisberg Finance leveraged collateralised loan obligation today (Thursday) at half the size it had originally planned, after marketing the double-B rated tranche for more than a month. Investors' flight to liquid, safe securities made the subordinated piece a difficult sale, and bookrunner Warburg Dillon Read made little progress in placing the tranche in the last two weeks.

* The European Union has amended its Solvency Directive, which governs bank regulation, to encourage central banks to risk weight some kinds of commercial mortgage backed securities at 50%. National regulators will be free to accord the weightings they wish, but the EU is keen to promote similar treatment across borders for securities with similar risk characteristics. The move follows resolution of a long running dispute between the Bank of England and Germany's Bundesaufsichtsamt für das Kreditwesen over risk weightings for MBS. On October 1 the BaK changed its 100% weighting for residential MBS to 50%, while the Bank of England will agree to grant 50% weightings to commercial MBS backed by German-style mortgages.

A commonly-asked question in financial modeling refers to the minimum number of stochastic factors that must be included in the model in order to properly capture the price and risk behavior of financial instruments.

BANKERS connected to NTT DoCoMo's $15bn IPO have conceded that the float may be detrimental to the health of the Nikkei but despite a loss of over 800 points in the last five days most bankers believed the sale would be successfully completed. But with fund managers shying away from increased exposure to the Japanese market * and to almost all world markets * many would-be NTT DoCoMo buyers have had to sell existing Japanese stock to purchase what many consider to be a likely outperformer of the index.

China/Hong Kong Moody's has lowered Citic Pacific's long term credit rating from Baa1 to Baa2, citing its weakened financial position resulting from a "relatively high level of leverage, as well as the negative impact on its business performance of the sharply deteriorating operating environment in Hong Kong and elsewhere in the region."