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DEUTSCHE Morgan Grenfell reopened the Hong Kong mortgage securitisation market this week with a blow out deal for its own account. The $244.15m transaction parcels a portfolio of mortgages DMG bought from a Hong Kong bank last year. Deutsche has had to hold the loans on balance sheet during the period at the end of 1997 and beginning of 1998 when Hibor rose above the Hong Kong Prime rate, making mortgage backed issuance all but impossible.

GOLDMAN Sachs is believed to be the first of up to three banks mandated to lead manage a $1bn to $1.5bn global bond offering for the Kingdom of Thailand. Having competed hard for a bookrunner's position over the past few months, other US investment banks have now pulled back after indications from government ministers that Goldman has the mandate in the bag.

NSW TAB is to launch its flotation in early May, following release of the prospectus in the first week of that month. Merrill Lynch and ABN Amro are leading the deal, slated for at least A$1.2bn. The institutional book should close shortly after the retail component on June 12.

Bahrain The $200m five year term loan for Arab Banking Corporation has been increased to $250m. The deal was well supported in general syndication as well as at the co-arranger level. Some $225m was raised from nine co-arrangers and $205m was raised in the general syndication. Arrangers are Chase Manhattan, JP Morgan, NatWest, Bank of Tokyo-Mitsubishi and Paribas. Co-arrangers, who were offered takes of $15m each for fees of 30bp are Arab Bank, Banca Monte dei Paschi di Siena, Bayerische Landesbank, Deutsche Bank, Gulf Bank, Gulf International Bank, National Bank of Bahrain, National Bank of Kuwait and WestLB.

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* ASB Bank, the Auckland savings bank, has signed a $750m Euro-MTN programme in a bid to diversify its sources of funding away from the domestic New Zealand market. Growing funding needs prompted ASB's decision to extend its medium term borrowing operations into the offshore markets, said an official at the bank: "We have been experiencing large annual growth rates over the past three to four years. That has prompted a need to look around."

LATE Friday (April 17) night Merrill Lynch was forced to pull the $100m facility for Ina, the Croatian oil company. The problem was a lack of appetite in syndication. According to a source at Merrill Lynch, $75m of commitments from eight banks were in by the April 10 deadline.

* Kazkommertsbank, Kazakhstan's largest private sector bank, will next week become the first financial institution from Central Asia to launch an international bond. The B2/B+/B+ rated bank this week hosted presentations in London, Zurich and the US for the ING Barings-led $100m Euro/144A issue which is now expected to emerge with a five rather than a three year tenor.

EDC looks set to launch a $500m five year bond early next week to refinance a $500m issue that matures on April 30. It will be the Canadian crown agency's first fixed rate Eurodollar transaction since 1993. The positive response to roadshows held in Asia and Europe this week suggests that the deal, to be lead managed by Merrill Lynch and Paribas, will be warmly received.

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Argentina * Banco Hipotecario Nacional

Deutsche Morgan Grenfell has appointed Ian Gilday and Sean Mallone to its London syndication team. Both will hold senior positions. Gilday joins from NatWest and will focus on the LBO sector. Mallone joins from UBS and will focus on the corporate acquisition sector. Both will report to Richard Munn.