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MUNICH RE, the largest reinsurer in Europe, has announced plans for an ambitious DM3.3bn ($1.8bn) issue of new shares to finance a rapid expansion programme, while it is aiming also to list its stock on several foreign stockmarkets and simplify its share structure. These plans, which will make its shares more accessible to retail investors and to foreign buyers, put Munich Re on the same path as many blue chip German companies which as a group have embraced the goal of maximising shareholder value over the past 12 months.

* The retail offer of 2m shares in Portuguese insurance company Imperio has been more than 21 times oversubscribed. This tranche, combined with the 6.5m share institutional tranche, represents a 17.58% stake in the company and will increase the insurer's freefloat from 19.64% to 37.22%.

* World Bank Rating: Aaa/AAA

* Nomura International's principal finance group has extended the already impressive range of UK assets its owns, making an agreed bid for Thorn, the owner of the Radio Rentals group. Although Nomura is keeping its options open, the financing for the acquisition looks certain to include securitisation of the underlying cashflows from the TV and video rental and rent-to-own business. A Nomura spokesman pointed out that the business was a mature one, with a strong and stable cashflow. Bankers said although issues such as a declining market share had to be addressed, the collateral looked ideal for the asset-backed markets.

PARIBAS has launched a Ffr4.232bn mortgage-backed security for its real estate subsidiary UCB, in an attempt to channel underlying cashflows into investor friendly instruments. Launched via special purpose vehicle Domos 4, the bonds are structured as a series of soft bullet instruments at two, five, seven and 10 years. "We wanted to create a benchmark spread curve for UCB in the French franc asset-backed market," said Adrian Carr, head of asset-backed securitisation at Paribas in London. Using a carefully controlled substitution schedule allowed UCB to avoid the amortising pass-through fixed rate structures that had characterised the market until now.

GREENWICH NatWest has launched a rare beast -- a bond backed by performing UK mortgages. Issued via special purpose vehicle TMC Tattenham No 1, the £330m bond parcels collateral garnered from 14 called TMC mortgage backed securities. "The main driver was the margin improvements we could achieve," explained Chris Higgins, head of capital markets at Mortgage Trust, the UK subsidiary of Ireland's First National, which bought former centralised lender TMC in 1996. "The existing deals have margins over Libor that are not attractive -- some have stepped up or will soon step up to 50bp over."

The western European syndicated loan sector has had an impressive run over the last six months. Volumes are up on the same period last year and market players are predicting an even busier second half.

According to most bankers, the main reason for this drop in activity is that the number of borrowers tapping the market for refinancings has dramatically fallen. "Scandinavian lenders were extremely active last year and the year before," says David Roberts, assistant general manager and head of syndications at Den Danske Bank in London.

The $10.9bn of debt facilities arranged for Texas Utilities' purchase of the UK's Eastern Group was the largest syndicated loan arranged in the first six months of 1998. Some say it was also the most impressive.

At the beginning of the year, bankers gazed into their crystal balls and predicted which emerging market countries would be the success stories of the year. Many plumped for India and Pakistan and some even went for Indonesia.

The result is all the more impressive given that these successful forays have been achieved without any notable increases in margin. Unlike virtually every other sector of the market, pricing for UK financial institutions has essentially remained at either the same levels or below that of1997.