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WHILE THEY MAY RANK AS MINNOWS in terms of population and size, the three Baltic states - Estonia, Latvia and Lithuania - dwarf their eastern neighbour, the Russian Federation, in terms of economic performance.

First the meltdown: then the restructuring. Throughout Thailand, the private sector is entering an era of far-reaching change - cultural, commercial, legal and financial. The old order has had its day. Who will be the winners and the losers in the new order?

Asset backed securities: * Fondo de

Egypt Bayerische Vereinsbank is to sign the $19.5m (increased from $11m) term loan for Export Development Bank of Egypt on Monday. Syndication closed in March. However, the documentation took longer than the bank expected.

Kredietbank, Belgium's second largest commercial bank, launched its first securitisation last Friday - a Bfr15.3bn mortgage backed deal. Deutsche Morgan Grenfell and Kredietbank were joint bookrunners on Home Loan Invest-1, which is the first Belgian securitisation of the year. The transaction comprised two tranches - Bfr14.23bn of 'A' notes, rated triple-A by Fitch IBCA and Moody's, and Bfr1.07bn 'B' notes, rated Aa3/A. Tranche 'A', with a 4.32 year average life, pays 16bp over three month Bibor, while the 'B' notes were priced at 38bp over Bibor with a 4.85 year average life. Passthrough amortisation begins immediately.

In January, banks in the U.S. became subject to new capital requirements for market risk arising from trading activities. These requirements are notable because the capital charge is based on banks' internal value-at-risk models.

ROADSHOWS began in Hong Kong yesterday (Thursday) for a $250m Yankee offering by the Philippines National Power Corporation (Napocor). Led by Salomon Smith Barney, with ABN Amro Bank and Morgan Stanley as co-managers, the original structured offering proposed by the government-owned power group has now been ditched in favour of a straight 10 year deal. Originally the group had hoped to place a 10 year offering with coupons re-settable every quarter for the first three years. But bankers commented that market conditions dictated that a simpler structure would be more readily received by investors.

* Martin Hibbert has been appointed head of debt syndication Asia at Deutsche Morgan Grenfell, reporting to Martin Loat, head of global markets Asia. The move follows the relocation to London of DMG managing director Eamonn McConnell. McConnell, who was the Hong Kong based head of global markets syndicate Asia has taken over as head of debt syndicate in London.

TWO IMPORTANT benchmarks emerged out of Taiwan this week, with the pricing of a long expected subordinated bond for Chiao Tung Bank and the pre-launch of what could be the largest ever supranational issue in the domestic bond market, by the Inter American Development Bank (IADB). Chiao Tung's offering was first mandated early last autumn before the effects of the Asian currency crisis were fully felt in the island republic. It was subsequently re-structured from a straight 10 year fixed rate deal with 144a placement into a more traditional step-up FRN with placement in the US under regulation D(2). Credit specialists said that the majority state-owned bank's desire for aggressive pricing was the main driver behind the amended terms, which saw the majority of placement directed at offshore Taiwanese banks.

COMPETITION between the Korea Development Bank (KDB) and Export-Import Bank of Korea (Kexim) to follow the sovereign into the international debt markets remains unresolved pending negotiations with the Ministry of Finance & the Economy (MoFE). Treasury officials at Kexim told Euroweek that the bank is hoping to raise up to $1bn via a global bond issue though it remains flexible on maturity. "We normally favour between five and 10 years," said one official, "and the issue size is likely to be large because Korean exporters need more financial support and we are the principal conduit to provide export loans."

INDONESIA'S Asia Pulp & Paper (APP) underlined the attractions of the convertible structure yesterday (Thursday) with a Goldman Sachs led equity linked bond that was doubled to $500m. Overwhelming demand led to the increase from the planned $250m and the bond opened well on New York with a doubled greenshoe of $100m expected to be sold on follow-through buying. Unlike other successful convertibles from the region in recent weeks, this issue was launched only after a deliberate marketing process, and not on an accelerated, overnight basis.

BANGKOK Bank (BBL) this week broke the $1bn barrier with a successful re-capitalisation by Morgan Stanley Dean Witter which set records as the largest ever capital raising from a Thai company and the largest issue this year from Asia. "This is a timely transaction for Thailand," said a banker. "BBL is the largest bank in the country and this shows a renewed confidence in Thailand and its prospects."