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GERMAN mortgage bank Westfaelische Hypothekenbank has unveiled plans to set up a Euro-MTN programme in a move to expand its borrowing operations into the international capital markets. Deutsche Morgan Grenfell and Merrill Lynch have been mandated to arrange the facility, under which the bank will be able to issue a range of instruments including Pfandbriefe as well as senior and subordinated unsecured debt.

* Bancaja International Finance Guarantor: Caja de Ahorros de Valencia y Castellón y Alicante (Bancaja)

Asset backed securities: * Auroral Genesis Ltd

A TIDAL WAVE of market volatility broke across central and eastern Europe this week, causing bond spreads to widen alarmingly across the board and leaving a trail of dazed issuers, lead managers and investors in its wake. The woes of the region were best illustrated by the trading performance of the Russian Federation's $2.4bn 10 year transaction -- which ballooned to 910bp over Treasuries at one point on Tuesday from 329bp over last Thursday, tightened back into 400bp over on Wednesday, traded back out to 650bp yesterday (Thursday) before recovering to 528bp over by the close in London.

INVESTMENT bankers remain optimistic, if cautious, about the prospects for new equity issues for the rest of this year -- despite the slump in world stockmarkets this week.

THE INTERNATIONAL primary bond market shuddered to a halt this week as volatility swept across the globe, sending secondary market spreads rocketing. Many investors have closed their books early for the year and bankers predict little recovery in new issue volumes before the start of 1998.

INVESTMENT bankers remain optimistic, if cautious, about the prospects for new equity issues for the rest of this year -- despite the slump in world stockmarkets this week. With the primary market pipeline bulging -- with an array of transactions ranging from large privatisations and corporate IPOs to specialist stock and emerging market offerings -- investors are becoming more selective in their approach to new issues.

Market commentary Compiled by Brendan Goffinet, Hambros Bank Ltd, London. Tel: +44 171-865 1087

* Republic of Portugal Rating: Aa3/AA-

STANDARD Bank London Ltd has quietly arranged an innovative $75m foray into the syndicated loan market for Liverpool-based Meredith Jones funding the purchase of cotton from Uzbekistan. The facility, which is structured with 90% Uzbekistan risk, has been an outstanding syndication success with $133m raised so far and more to come.

Asset backed securities: * Haven Funding plc