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Spanish airline Iberia will shortly bring a new asset class to the European structured finance market - the enhanced equipment trust certificate. Morgan Stanley Dean Witter, which pioneered EETCs in the US, has structured the Eu195m transaction, but will not be leading the deal - another bank won the underwriting mandate in a competitive auction.

n Deutsche Bank reinforced its hegemony in the Portuguese ABS market this week, introducing yet another new issuer - Interbanco, a specialist car finance bank owned by the SGC SGPS group. Silk Finance Ltd issued Eu101.2m of bonds in two tranches, rated AAA and A by Fitch IBCA and Standard & Poor's. Class 'A', worth Eu92.1m, priced at 35bp over three month Euribor with a 4.5 year average life, while the Eu9.1m of 'B' notes came at 75bp over with an average life of 6.9 years. Price talk last week had been 32bp area and 70bp area.

Citibank fulfilled months of eager expectation by issuing its first credit card securitisation in euros this week. Bookrunner Salomon Smith Barney and joint leads CDC Marchés and WestLB launched Eu1bn of five year fixed rate bonds in a bid to set a European benchmark for the US issuer's credit.

Barclays Capital took whole business securitisation into a new sector this week, launching £135m of bonds for Wightlink Ltd, which operates three ferry routes from the south coast of England to the Isle of Wight. The Isle of Wight routes are unusual among ferry services, in that the island is too small and too close to the mainland to attract scheduled air services, while building a bridge or tunnel is viewed as uneconomic, and is opposed by local residents.

The measurement of operational risk (OR) earned considerable attention in the wake of huge losses at investment banks such as Barings and Sumitomo.

Salomon Smith Barney scored a success with Neptune Orient Lines this week when the equity component of the deal was increased to $500m, removing the need for the more costly preferred share offering. The deal had originally been seen as proof that the combined SSB-Citibank had an edge in gaining broad fundraising deals, with Citibank due to raise $200m through redeemable non-convertible preference shares and SSB $300m in equity.

Manila Electric (Meralco) will begin roadshows for a debut international bond offering in Singapore next Tuesday, pre-marketing a 10 year fixed rate transaction. Contrary to most expectations, the group has maintained an ambitious launch schedule, selecting its lead managers, overhauling its mortgage trust indenture (MTI) and securing ratings within the space of just two months.

Korean banks are set to make a fresh assault on the GDR market, raising up to $2.3bn in the wake of Hanvit Bank's $1bn issue which closes next week. Kookmin Bank is believed to have mandated Goldman Sachs for a $1bn GDR issue while Morgan Stanley Dean Witter, Commerzbank, Hyundai and Jardine Fleming have been mandated for a $1bn GDR sale for Korea Exchange Bank.

Roadshows began in New York on Wednesday for a $300m to $500m dated upper tier two capital raising by the Development Bank of Singapore (DBS). Representing a first of its kind from the city state, the prospective deal also marks the first truly internationally placed subordinated bank deal from Asia since a Siam Commercial Bank transaction in spring 1996.

A deluge of China Telecom shares may be set to flood the market as the company gears up for a massive fundraising and some strategic investors look to offload their stakes. China Telecom is likely to raise up to $1bn in new equity as part of its $3bn-plus fundraising to finance the acquisition of three provincial mobile telephone networks.

Australia Reckon and Austar United Communications both made impressive debuts this week as Australia's love affair with telecom and internet stocks continued. Hutchison Telecom is also generating excitement among investors.

Malaysian oil company Petroliam Nasional Berhad (Petronas) is seeking to take advantage of a lull in the Asian pipeline with the launch of its first benchmark dollar bond in almost three years. Roadshows for a $750m plus five to 10 year global bond begin next Monday in Tokyo under the lead of Credit Suisse First Boston, with Barclays Capital and Chase appointed as joint leads.