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7318

* Crédit Local de France Rating: Aa1/AA+

7301

Brazil The $50m trade financing facility being arranged by Citicorp Securities for Compania Votorantim de Celulose e Papel (CELPAV) has been completed oversubscribed.

Abu Dhabi A decision on the winning bid for the Tawellah power and water desalination project should come imminently. Just two bidders remain -- CMS advised by Barclays Capital and Tractebel advised by Chase.

MBNA International Bank, the UK subsidiary of US credit card issuer MBNA, launched its sixth securitisation this week, a £250m five year floater lead managed by Barclays Capital. "The deal went very well in a volatile market," said a syndicate official at Barclays in London. "At 15bp it would have been a blowout, but at 14bp, in the middle of price talk, the paper was still oversubscribed. MBNA is very responsible in the way it approaches the market -- it knows it will have to come back to the market, and prices to achieve good secondary market performance."

* Bankgesellschaft Berlin has executed the second tranche of the DM200m car, caravan and motorcycle loan securitisation programme it has arranged for Berlin based ABC Bank. The DM45m deal, known as German Car Loans No 2, was structured as a Schuldschein loan, with a public rating of AA from Duff & Phelps. BGB placed all but DM5m of the paper with Bremer Landesbank, Sparkasse Essen, Hamburger Sparkasse and DG Bank. Two more banks are interested in the remaining portion.

WARBURG Dillon Read is marketing the subordinated tranches of a leveraged collateralised loan obligation for parent bank UBS, in preparation for a full scale launch. Eisberg will issue $500m of paper, including $422.5m of rated bonds in three tranches, rated triple-A, single-A and double-B, and a first loss portion, which UBS will retain.

The Securities (Disclosure of Interests) Ordinance currently requires disclosure of 'interests' in shares in Hong Kong-listed companies by directors of the relevant company and by any other person with an interest representing 10% or more of any class of the company's issued share capital.

THE ASIAN Development Bank (ADB) has revised its borrowing strategy for 1998, following a progressive widening of spreads since its $2bn global launched in April. Having originally intended to launch a couple of large, liquid dollar transactions over the year, treasurer Peter Balon told Euroweek that the bank is fully prepared to shun most public bond sectors indefinitely until it feels the market has priced in a more realistic view of its triple-A rated credit.