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* Ina, Italy's third largest insurance company, is to spin off its Lit5tr property portfolio into a separate company which is expected to be floated in an international public offering and listed in New York and Milan. The insurer is also searching for a strategic partner to take a stake in the company and take over the management of the assets.

* Cofinoga SA Rating: A3

LATIN loan syndication heads report dwindling interest among second-tier banks towards Latin American loans in the wake of the market downturn. Most deals that were in the market before the recent crisis struck are going ahead: Société Générale's $1.1bn one year term loan to Argentine cable TV company Cablevision is being syndicated at a margin of 137.5bp and the United Mexican States this week officially announced the signing of its $2.25bn 12 year liquidity facility.

THE LAUNCH of Hungarian Export-Import Bank's debut Euromarket loan -- a $50m three year facility that is extendible for two years -- has raised fears that pricing for emerging market credits may be about to suffer a major reversal. The transaction, which Crédit Lyonnais is arranging with Commerzbank and Sanwa Bank as joint arrangers, is priced at 12.5bp over Libor -- a level which was roundly criticised by other syndication desks in London.

India Signing was held on November 8 in Singapore for Great Eastern Shipping Co Ltd's $63.1m 10 year club loan funded by Bank of America (Singapore), Bank of Nova Scotia Asia and Development Bank of Singapore.

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JP MORGAN scored a major coup this week by overcoming poor market conditions to complete one of the largest IPOs in the US this year. The flotation of CIT Group, a diversified finance company, raised $850m and was priced near the top of the indicated range. Some 31.5m shares were sold to investors at $27, compared to the pricing range of $25-$28. JP Morgan said the success of the deal reflected the quality of stock. Investor interest in the transaction blossomed during a two-and-a-half week roadshow that covered most financial centres in the US.

* World Bank Rating: Aaa/AAA

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LATIN DEBT markets were hit with a vengeance by the overspill from the Asian currency crisis this week, as concerns about Brazil's fiscal position spread to other countries in the region.