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DESPITE the recent dip in the Paris market, bankers are expecting a myriad of IPOs and secondary stock sales from small to medium cap companies to get a rapturous reception from investors. Local and international firms confirm that they have a large number of deals to execute in the next two months - in the main market and the nouveau marché - with small cap funds from the UK, Switzerland and Germany the strongest buyers of these shares.

PANAMA and Costa Rica's decision to postpone deals earlier this month finally paid off this week when both countries received a good reception from investors for their respective deals. Although Panama's $300m 10 year global bond came at a wider spread of 265bp over Treasuries, from a original price talk of 235bp to 240bp three weeks ago, lead manager Lehman Brothers was able to build a strong book of first time investment grade buyers of the sovereign's paper. The deal tightened in to around 260bp after launch.

* Deutsche Bank Finance Guarantor: Deutsche Bank

* Inter-American Development Bank Rating: Aaa/AAA

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DEFINING the HKMA's role at the forefront of the development of Hong Kong's increasingly sophisticated bond market, executive director Peter Pang outlines a five pronged approach. First, since the introduction of an Exchange Fund note issuance programme in 1990, the HKMA has built up a functioning yield curve for other borrowers to price off.

Finland Deutsche Bank (bookrunner) and Postipankki Oy (documentation and facility agent) are to sign the DM750m multicurrency revolving credit for PT Finland on Monday. The facility was well supported in general syndication and with more than DM1bn raised, the deal was increased to DM1bn.

The recently established Hong Kong Mortgage Corporation will bring liquidity and innovation to the local capital markets and a new Hong Kong borrower to the international markets.

DRESDNER Kleinwort Benson's Silver Tower securitisation programme, which has been active for two years in the loan and private placement markets, will begin rated public funding next month with a DM2bn CLO for its parent bank. Dresdner has set up a Cayman Islands vehicle, Silver Tower Funding Ltd, which can issue Euro CP and Euro-MTNs. It has a Delaware subsidiary, Silver Tower US Funding LLC, to issue US CP.

THE US's second largest catalogue retailer, Fingerhut Companies, refinanced its portfolio of unsecured consumer loans this week in two $450m deals led by Chase Securities. Fingerhut, which has also securitised credit card receivables, last came to the market with its retail sales portfolio in 1994. The company sells household goods by mail order to some 30 million customers, typically middle aged and with low to middle incomes.

BANK Labouchere launched the second securitisation of retail share leases for its subsidiary Legio-Lease last Friday. At Dfl 1.2bn, Lease Assets Backed Securities II was three times as large as LABS I, launched in October. The larger size meant the rush for bonds was less spectacular than on that blow out deal, but the lead still comfortably placed all its paper.

SPANISH savings bank Caja de Ahorros del Mediterráneo this week issued a Pta25bn mortgage securitisation arranged by management company Titulización de Activos. TDA No 4 is the fourth deal from the company, owned by Bear Stearns, EBN Banco and six Spanish savings banks, including Caja del Mediterraneo.