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MORGAN STANLEY Dean Witter this week completed the first successful jumbo bought deal since the world's stockmarkets began to destabilise two months ago, with a $630m offering of ING shares. Bouts of volatility triggered by October's Asian meltdown had previously caught out a number of bought deals, such as that of JP Morgan's block in Usinor Sacilor. Bankers believe that lead managers of some such blocks are still sitting on their deals.

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* Israel Electric Corp has set up a $1bn MTN programme with a 144A option under which it will launch a $250m inaugural issue next week. Lehman Brothers arranged the facility and is a dealer on the programme alongside Daiwa, Goldman Sachs, Merrill Lynch, Morgan Stanley, SBC Warburg and UBS.

MYSTERY surrounded the collapse of a $500m pre-export financing package for Russia's leading diamond producer Almazy-Rossii-Sakha (ARS) this week. The deal, mandated to NatWest Markets 15 months ago, is understood to have collapsed because of the failure of NatWest and ARS to reach an agreement on the terms and the overall structure of the credit facility -- although both parties have declined to comment on the reasons for the loan package's untimely demise.

NOMURA will bring the second securitisation of its Annington Homes portfolio of housing for UK military personnel on Monday. The bank will launch a single-A rated £900m FRN due 2023 and a triple-A zero coupon bond maturing in 2022 with a face value of £1.24bn. The bonds will be priced on Tuesday, with the FRN expected in the low 60s over three month Libor and the zero in the 70s over the 8% 2021 Gilt.

SALOMON Smith Barney brought two US student loan securitisations to the European market this week in a growing demonstaration of the attractiveness of that asset class to the European investor. The issue also proved a neat demonstration of the synergies generated by the merger of Salomon and Smith Barney.

A NOVEL structure arranged by Bayerische Landesbank will provide US insurer Integrity Life Insurance Company with a portfolio of high quality assets, funded cheaply in the CP market. Bravo Trust 1997-1 issued $450m of senior certificates rated A-1+/P-1 by Moody's, with an initial maturity of 351 days. Balaba provides 100% liquidity support, and also holds the $50m of junior certificates.

US MONOLINE insurer CapMAC has set up a US asset backed commercial paper conduit called Remsen Funding Corp to provide banks with a way to invest in ABS off balance sheet. The conduit is the first to hold single-A assets without third party credit support. The vehicle is not guaranteed by CapMAC -- the monoline acts only as administrator and adviser to the clients.

AUSTRALIAN corporates are lining up a string of equity issues for next year aimed at capitalising on the positive sentiment created by Telstra's outstanding launch on the market last month JB Were and Macquarie Bank are to launch the first deal of 1998 by the end of January, an A$300m secondary offering of roughly 170m shares for 10 Network Holdings, the parent company of Channel 10, Australia's third largest free-to-air TV station.

INDONESIAN petrochemicals company PT Eterindo Wahanatama is set to launch a $200m Yankee via Morgan Stanley, which looks likely to be the last bond issue of 1997 from Asia. The company will market itself as the beneficiary both of a downturn in the chemical industry's cycle and of the Asia-wide currency crisis, and hopes to benefit from the absence of any other debt-raising activity from the region's borrowers.

BINTUNI Minaraya (BMR), an Indonesian fishing and frozen food holding company, will complete roadshows for its IPO in the US next week after encountering a mixed reception at its Hong Kong and UK presentations. The ING Barings led deal is aiming to raise $100m for the company's $480m 1998 capital expenditure programme -- a figure which some bankers feel is excessive in an economic downturn. However, syndicate officials say tuna fishing is capital intensive, and the company needs to increase its daily volumes to save costs.

CITICORP SCORED an impressive result with the pricing of a $70m issue for Lite On Technology of Taiwan yesterday (Thursday), in the form of a credit-enhanced convertible completed on an accelerated basis. Books closed five times oversubscribed. The deal used similar terms to UBS's $200m deal for First International Computers (FIC) in the autumn, and final pricing came towards the aggressive end of the range.