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MORGAN Stanley Dean Witter launched a $2.4bn refinancing for the Airplanes Group yesterday (Thursday) after receiving SEC approval for the securitisation. Airplanes had been expected to return to the market -- it had a $850m 'A1' class tranche of its $4bn securitisation from March 1996 falling due on March 16 -- but the issuer has decided to take up the option to refinance other asset classes.

* US finance company GMAC has made a bold step into the UK mortgage market with the purchase of Birmingham Midshires Mortgage Services. GMAC will focus on providing non-standard mortgages, a growing sector of the UK market. The purchase was made through GMAC subsidiary Residential Funding Corporation, and the new company will trade as RFC Mortgage Services Ltd. RFC aims to generate business by developing links with mortgage originators --including the Birmingham Midshires itself -- as well as purchasing mortgage portfolios.

BANKERS TRUST will officially launch the £535m securitisation for Punch Taverns next week. The proceeds will be used to acquire the majority of the leased pub estate of UK brewer Bass, and will be the second such securitisation in the space of a few weeks .

The volatility swap can be viewed as a logical next step in the application of derivatives to portfolio management.

The Republic of Argentina's reputation in the international capital markets has been transformed in recent years. Structural reform has brought about impressive improvement in the country's economic fundamentals.

UK corporates have been regular and welcome issuers in the US Yankee market in recent years -- as evidenced by the blow-out reception to Cable & Wireless' $1.8bn offering in early March, the largest ever by a UK corporate issuer.

Nowhere has the growing innovation and diversity of the UK capital market been more evident in recent months than in the emergence of a viable high yield sterling bond market. The deal flow is picking up speed and bankers believe it is destined become one of the most vibrant high yield corporate debt sectors in Europe.

Want to buy something a little more exotic than usual plain vanilla paper? Then the Euro-MTN market is the place you will find it.

The speciality chemicals business of Unilever -- price tag: $8bn -- was not the only thing which was acquired in 1997 by the UK blue chip, Imperial Chemicals Industries (ICI).

It seemed like a tall order: a split rated corporate (Baa1/A-) with a lot of money to raise in a very short time in the middle of the summer holidays, which had not tapped the public debt markets since its sale of Zeneca in 1993.

Latin American bond issuers have made a speedy recovery from the Asian meltdown last October, which looked for a while as though it would take all emerging market regions down with it.

The single currency will change the European financial markets for ever. But what will be the impact on Euro-MTNs? How will the euro effect the way that borrowers and investors use the market? And what new opportunities will the single currency market create?