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Domestic issuance: * Istituto Mobiliare Italiano

BOMBARDIER, the Montreal based regional aircraft manufacturer, has completed the first stage of a $770m capital markets financing for its off-balance sheet leasing vehicle CRAFT. The deal is one of the first regional aircraft securitisations, and the first aircraft portfolio securitisation to allow the inclusion of new aircraft during the life of the transaction. NatWest Markets set up CRAFT (Canadian Regional Aircraft Finance Transaction) No 1 Ltd in May 1997. Based in Jersey, it is a special purpose company which provides lease and loan financing for customers buying Bombardier's narrow bodied Dash-8 turboprop and Canadair Regional Jet product lines.

* Fazel Ahmed, the former UBS head of securitisation for non-Japan Asia, will not be taking up the position in the merged bank, despite being offered the role. Instead, the responsibility will be taken by Anthony Cutcliffe, head of asset backed finance for non-Japan Asia at SBC Warburg Dillon Read. Cutcliffe has held the Hong Kong based job since August 1997, when he was hired from Citicorp.

Credit risk is the potential mark-to-market loss, at a chosen probability level, caused by a change in the counterpartys' credit quality.

The flotation of Australian insurance giant AMP, which should value the company at around A$12bn, has passed another potentially tricky test ahead of its launch on May 7. The company and its adviser have come up with formula that will allow a reasonable level of institutional take-up of the offer and prevent a potential price explosion in the aftermarket. Lead managers Credit Suisse First Boston and Deutsche Morgan Grenfell were charged with finding a structure which would entice enough policyholders - who will receive shares automatically in the demutualisation - to sell into the pool for institutional investors, while ensuring that those retail investors do not miss out on any launch price bonanza.

JARDINE Fleming has successfully taken Citicorp's place to arrange a private placement convertible bond for between $80m and $90m for First Philippine Holdings Corp. (FPHC), the electricity generation and distribution holding company of the Benpres Group. Bankers expect the coupon will be over 1.5% and the conversion premium around 10%. The bonds are likely to have a tenor of five and a half years with a put at year three and will not be credit enhanced. Foreign ownership of utilities is restricted to 40% in the Philippines and currently stands at 27% for FPHC, said analysts.

Hopson Development is lining up a Hong Kong IPO which could begin roadshowing as early as the second week of May. The $120m deal will be the first from ICEA Finance Holdings, the old NatWest Markets equity capital markets team led by Meocre Li, which previously held the mandate. Bankers said the deal would test the international distribution strength of the new venture. But some questioned the decision to re-open a negative Hong Kong primary market with a property company sold by a newly established and untested lead manager.

The Inter American Development Bank (IADB) became the largest supranational issuer in the Taiwanese dollar market this Tuesday following the launch of a debut NT$7.6bn ($230m) transaction. Although the triple-A group did not quite fulfil initial ambitions to raise NT$10bn, bankers from joint leads Grand Cathay Securities and ABN Amro Bank expressed their satisfaction with the success of the five year split tranche offering.

The Industrial Bank of Japan launched its second collateralised loan obligation last Friday, in an innovative ¥92bn deal backed by Japanese corporate loans. Although the transfer of assets to special purpose vehicle Lily Funding will not be perfected unless IBJ's rating falls below triple-B, Sumitomo Marine and Fire Insurance Co guarantees one tranche of the deal against the risk of IBJ defaulting.

The $100m IPO of Indonesian frozen food and fishing company Bintuni Minaraya (BMR) could be back on track following a postponement last December when the rupiah reached then record lows. The new lead managers for the transaction are Credit Suisse First Boston and one other international house, most likely ING Barings, which had been sole lead manager for the failed deal.

INVESTORS gave a mixed response to the pipeline of deals from Taiwan this week. China Petrochemical Development was forced to alter the terms of its issue radically and delay pricing while Macronix finally secured a letter of credit for its credit enhanced convertible bond and completed the $150m deal. Sole bookrunner Merrill Lynch and joint lead manager Core Pacific Yamaichi had been expected to price a $175m convertible bond for China Petrochemical Development yesterday (Thursday), but a combination of factors forced them to keep the books open for an extra day and final terms are only expected today.