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Argentinian gas and oil company YPF plans to become the first Latin private sector corporate to issue in euros in the next fortnight, with a debut Eu250m 10 year offering. Roadshows will begin on the deal in the week ahead with pricing early the week after. Chase is sole bookrunner and Paribas is joint lead.

Asset backed securities: * Lily Funding Ltd

* Bayerische Vereinsbank Overseas Finance Guarantor: Bayerische Vereinsbank

Porterbrook, the UK rolling stock leasing company which has earned a reputation for innovative financings, broke new ground again this week when it securitised revenues from trains which have yet to be built. The securitisation, structured by UBS over the last 10 months, was issued through special purpose vehicle New Investment for Trains plc (NIFTI). The package is made up of a senior £110m loan from the European Investment Bank, three tranches of FRNs worth a total of £140m, and a £23m subordinated loan from UBS, partly wrapped by the European Investment Fund.

* World Bank Rating: Aaa/AAA

WHILE THEY MAY RANK AS MINNOWS in terms of population and size, the three Baltic states - Estonia, Latvia and Lithuania - dwarf their eastern neighbour, the Russian Federation, in terms of economic performance.

First the meltdown: then the restructuring. Throughout Thailand, the private sector is entering an era of far-reaching change - cultural, commercial, legal and financial. The old order has had its day. Who will be the winners and the losers in the new order?

Asset backed securities: * Fondo de

Egypt Bayerische Vereinsbank is to sign the $19.5m (increased from $11m) term loan for Export Development Bank of Egypt on Monday. Syndication closed in March. However, the documentation took longer than the bank expected.

Kredietbank, Belgium's second largest commercial bank, launched its first securitisation last Friday - a Bfr15.3bn mortgage backed deal. Deutsche Morgan Grenfell and Kredietbank were joint bookrunners on Home Loan Invest-1, which is the first Belgian securitisation of the year. The transaction comprised two tranches - Bfr14.23bn of 'A' notes, rated triple-A by Fitch IBCA and Moody's, and Bfr1.07bn 'B' notes, rated Aa3/A. Tranche 'A', with a 4.32 year average life, pays 16bp over three month Bibor, while the 'B' notes were priced at 38bp over Bibor with a 4.85 year average life. Passthrough amortisation begins immediately.

In January, banks in the U.S. became subject to new capital requirements for market risk arising from trading activities. These requirements are notable because the capital charge is based on banks' internal value-at-risk models.

ROADSHOWS began in Hong Kong yesterday (Thursday) for a $250m Yankee offering by the Philippines National Power Corporation (Napocor). Led by Salomon Smith Barney, with ABN Amro Bank and Morgan Stanley as co-managers, the original structured offering proposed by the government-owned power group has now been ditched in favour of a straight 10 year deal. Originally the group had hoped to place a 10 year offering with coupons re-settable every quarter for the first three years. But bankers commented that market conditions dictated that a simpler structure would be more readily received by investors.