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* Moody's has placed the Aaa insurance financial strength ratings of four Japanese property and casualty insurance companies under review for possible downgrade. The agency said that its review of the four -- Tokio Marine & Fire Insurance Co, Yasuda Fire & Marine, Mitsui Marine & Fire, and Sumitomo Marine & Fire -- was prompted by anticipated reductions of insurance premium rates following the end of the government's restricted pricing system on July 1.

SOCIÉTÉ Générale Australia this week revealed details of an innovative aircraft financing for Ansett Australia, a regional airline. Merrill Lynch privately placed $75.2bn of notes with four US investors -- the deal settled two weeks ago after the lead investor completed due diligence. "This is the first securitisation anywhere in the world which has produced highly rated securities for an unrated airline," said Greg Medcraft, head of SG's Asian securitisation group in Sydney. "Duff & Phelps deserve great credit -- they allowed us to break out of the traditional mould of aircraft securitisations."

WESTPAC Banking Corp launched a $1.4bn mortgage securitisation this week in a blow-out deal which achieved a string of firsts. Structured by JP Morgan and lead managed by JP Morgan, Morgan Stanley Dean Witter and Westpac, the transaction is the first securitisation of non-US mortgages to be registered with the SEC as a global bond. The deal is the first Australian global, and the largest financing by any Australian private sector entity.

NEWS that first quarter GDP in Hong Kong had contracted 2% year on year put renewed pressure on Hong Kong's money markets, resulting in a spate of issuance in the domestic debt markets as borrowers took advantage of deepening arbitrage opportunities. The greatest splash came from the World Bank, which returned to the Hong Kong dollar market after only a two week absence with a new HK$1.5bn LAF-eligible deal. Increased by a further HK$1bn after strong demand, the triple-A rated issue was again led by HSBC Markets.

THE CONFUSION surrounding the syndicate structure and provisional launch date of the Kingdom of Thailand's forthcoming global bond continued to deepen this week after the cabinet failed to announce the winning banks following its meeting on Tuesday. Many bankers had expected the Thai cabinet to announce the winning mandate following its meeting on Tuesday; the issue was not discussed and it is uncertain whether it will be on the agenda next week.

BT ALEX BROWN and Credit Suisse First Boston have been lined up to lead manage a A$600m ($370m) float of Australia's Rocla Pipes and Stramit metal building products, two former divisions of BTR. BTR deprived the market of a potential flotation of the group in March when it sold the entity together with BTR's worldwide building product operation for A$1.65bn to CVC Capital Partners.

THAILAND'S PTT Exploration & Production will next Tuesday price a share issue of up to $250m in a move that will test the mood of the Asian equity markets. With investor sentiment in Asia worsening considerably in the last fortnight, bankers have voiced concerns that the Asian equity markets may now be closed for even the best borrowers.

CHINA National Textiles Import and Export Corp (Chinatex) is believed to have raised $100m through an issue of credit enhanced one-year convertible bonds. The deal was not reported outside the PRC, and Bank of America, which was arranger and provider of the letter of credit on the deal, did not respond to calls. The company is one of one of only six enterprises permitted by the State Administration of Foreign Exchange to issue commercial bonds in the US. The proceeds refinanced a $100m commercial paper programme which has recently matured. No pricing or placing information was known and bankers in Hong Kong expressed ignorance of the issue.

India The $75m amortising loan for BPL Mobile Communications arranged by Bankers Trust Co (Singapore) has been cancelled as the borrower chose to raise the amount through a local currency funding, following the failure to attain approval from India's finance ministry for dollar financing.

* Ambroveneto International Bank Guarantor: Banca Intesa

THE ITALIAN treasury has begun the fourth sale of shares in national oil and gas group Eni, announcing the structure of the transaction this week and filing a prospectus with Consob, the national stockmarket regulator. In keeping with past practice -- and to protect Eni's outstanding share price -- the exact size of the deal will not be announced until the first phase of the premarketing period is concluded on June 13.