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Tokyu Corporation has added Sanwa International and Zenshinren International as dealers off its ¥100 billion ($920.5 million) Euro-MTN programme. These banks have been dropped as dealers: Credit Suisse First Boston and Dresdner Bank. The programme was signed in 1996 by IBJ International and has $620.31 outstanding off 46 trades.

THE REPUBLIC of Turkey is considering a variety of bond proposals, with most bankers believing a 20 year dollar denominated issue is the most likely option. Other possibilities include an eight year euro transaction. However, some bankers think it unlikely that Turkey - which has already topped its annual funding target this year with $6.1bn worth of bond issues - will tap the market before a visit from the IMF, scheduled at end of the month.

THE REPUBLIC of Turkey is considering a variety of bond proposals, with most bankers believing a 20 year dollar denominated issue is the most likely option. Other possibilities include an eight year euro transaction. However, some bankers think it unlikely that Turkey - which has already topped its annual funding target this year with $6.1bn worth of bond issues - will tap the market before a visit from the IMF, scheduled at end of the month.

The overwhelming success of the German UMTS auction, which raised Eu50.5bn ($46bn), has heightened fears that borrowing by telecom companies will be even greater than expected in the coming months. Two licence winners, British Telecom and Telefónica, are already planning large bonds in September. BT is expected with $10bn of issuance split into 10 and 30 year bonds via Merrill Lynch and Salomon Smith Barney, and Telefonica will issue a $5bn multi-tranche bond via Goldman Sachs and Morgan Stanley Dean Witter.

Brazil continued to steal the limelight in the emerging markets this week, as news of a possible upgrade by Moody's helped some of its global bonds trade inside of Argentina for the first time since July 1997. Brazilian asset prices surged yesterday (Thursday) on news that Moody's has put the country, some of its blue chip banks, companies and some states on review for possible upgrade.

WESTMINSTER Priory Healthcare Finance, the proposed securitisation of Westminster Healthcare's psychiatric care homes, has been postponed indefinitely. Jim Wait, CFO of Westminster Healthcare, said that the cost of executing the deal had risen to the extent that it was more economic to rely on the firm's existing long term bank finance.

LEHMAN Brothers is preparing a $792m aircraft lease securitisation for itself and GATX Capital, one of the second tier of aircraft lessors. Embarcadero Aircraft Securitisation Trust (East 2000) is a master trust for the securitisation of leases on Boeing and Airbus aircaft to airlines mainly in the US and Europe.

Modern risk management and derivatives pricing requires complicated models of interest rate movements.

Kingfisher Securitisation, the recently created financing vehicle of ANZ Bank, headed three mortgage backed securitisations in the Australian domestic market this week, as issuance levels remained fairly brisk ahead of the September Olympics. Kingfisher presided over ANZ's inaugural MBS issue through a A$500m multi-tranche transaction. Meanwhile, Wide Bay Capricorn Building Society priced its A$200m deal, and the Bank of Queensland is planning to price a A$200m MBS issue today (Friday).

CHAIRMAN and founder of Pacific Century CyberWorks, Richard Li, surprised the Hong Kong financial community on Wednesday by selling 240m of his shares in the company. The placement raised the equivalent of $487m and took place on the eve of the replacement of Cable & Wireless HKT by CyberWorks in the benchmark Hang Seng Index. CyberWorks now has a market capitalisation of $26bn and accounts for 8.4% of the index.

Asia Shares of Nasdaq debutante iAsiaworks, provider of internet services for companies doing business in the Asia Pacific region, began trading late last week. By Wednesday they had collapsed almost 28% to $9.38 from the issue price of $13 per share.

SHARES in NRMA Insurance enjoyed a strong debut on the Australia Stock Exchange on Tuesday, trading as high as A$3.10 before closing at A$3.01. The stock closed at A$2.87 yesterday (Thursday). Bankers involved in the deal told Euroweek they were delighted with the response from institutional and retail investors. One banker said: "Around 75% of the institutional placement was taken up by about 20 gilt-edged investment funds from across the globe, giving NRMA a platform for expansion in the future through acquisition."