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* New South Wales Treasury Corp Guarantor: State of New South Wales

China ABN AMRO Bank has launched a $15m fundraising for Hebei International Trust & Investment Corp. The five year deal, with a three year put, offers an all-in spread to the put of 145bp for co-arrangers and 137bp for lead managers.

FRENCH INSURANCE company AXA-UAP launched its dual tranche Ffr6.1bn equivalent subordinated perpetual FRN on Wednesday and set a number of landmarks in the process. The Ffr3.8bn tranche is the first perpetual French franc FRN and together with the $400m tranche the perpetual FRN is the largest ever to hit the Euromarkets.

INVESTMENT bankers this week exploited a window of demand for Nordic equity with the launch of two deals from Finland and the pricing and successful aftermarket performance of another Finnish transaction. The 9.6m share offering for manufacturing services group Elcoteq Network was priced by UBS at FIM70 above the mid-point of the initial range of FIM60 to FIM75.

THE CONTRAST between the scenes at two of Egypt's most prized historical sites on Monday could hardly have been starker. At the pyramids just outside Cairo, a group of international bankers were attending a ceremony marking Egypt's largest ever private sector syndicated loan facility in the form of a $250m revolving credit for Apache Corporation.

BILLITON Plc, the natural resources group, made a triumphant return to the syndicated loans market on Wednesday with a $1.25bn revolving credit facility arranged by Bank of America, Barclays Capital, Chase Manhattan and UBS. The loan follows its successful listing on the London stock market in September, which raised $1.5bn and instantly propelled it into the top half of the FTSE-100,

THE UNDERWRITING phase of the $8bn facilities backing the demerger of BAT Industries plc's tobacco and financial services businesses has been an outstanding success. The facilities, arranged by lead arrangers and underwriters Barclays, Citibank, Goldman Sachs International, Midland Bank and Sumitomo Bank, raised $11.05bn from the 33 underwriters.

Asset backed securities: * MBS-2

* Commerzbank Overseas Finance NV Guarantor: Commerzbank AG

THE LARGEST ever securitisation of a single property succeeded triumphantly this week, as UK investors rushed to buy £555m of long dated bonds backed by rents on London's Canary Wharf office development.The transaction takes the rapidly expanding European securitisation market into new territory and underlines the enthusiasm of investors to buy asset backed product at a time of volatility in international debt markets.

THE LARGEST ever securitisation of a single property succeeded triumphantly this week, as UK investors rushed to buy £555m of long dated bonds backed by rents on London's Canary Wharf office development.The transaction takes the rapidly expanding European securitisation market into new territory and underlines the enthusiasm of investors to buy asset backed product at a time of volatility in international debt markets. While the supply of plain vanilla bonds has virtually dried up in the last few weeks, the securitisation sector has provided a range of new issues across a variety of currencies and there are rumours of several large deals waiting in the wings.