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BANK Labouchere executed its third securitisation of retail equity leasing contracts at the end of March, in a Dfl 1.5bn (Eu680m) deal privately placed with a single Dutch pension fund. The bank's range of stock leases has been a phenomenal success with Dutch savers, who have flocked to borrow money from the bank to buy or lease a portfolio of blue chip Dutch stocks. Since interest payments are tax deductible, net interest rates on the leases are relatively low.

CIBC World Markets brought Britannia Building Society's second mortgage securitisation last Friday with a £173.2m deal through Leek Finance No 2 plc. Named after Britannia's Staffordshire home town, Leek Finance No 1 parcelled mortgages acquired from Citibank in December 1996 -- it was structured by the same securitisation team, before its transfer from UBS to CIBC last year.

* Dresdner Kleinwort Benson is expected to launch its first securitisation using credit derivatives next week, with a Eu400m to Eu500m collateralised bond obligation called Cathedral. Market participants in London said the deal will have three tranches with five year maturities -- Eu400m of triple-A bonds and two classes rated triple-B and double-B. Price talk is 19bp to 21bp over three month Euribor, 115bp area and 300bp area.

This article will show how recent advances in value-at-risk methodology can be effectively applied for risk measurement and management.

JARDINE Fleming is to launch a HK$1bn ($129m) IPO for insurance company Top Glory in the next month. The majority shareholder of that company, Pacific Century, also completed a stunning $46m placement of new Tricom shares earlier in the week through BNP Prime Peregrine and HSBC Investment Bank. Pacific Century Regional Development (PCRD) holds 55.1% of unlisted insurance company Top Glory. The listing would make Top Glory only the second insurance counter listed in Hong Kong after National Mutual, which trades at a p/e of around 15 times.

THE FEDERATION of Malaysia is expected to announce (today) Friday the appointment of Salomon Smith Barney as sole bookrunner of its forthcoming global bond offering.

>* Banca Lombarda SpA Rating: A2 Amount: Eu350m Maturity: June 7, 2004 Issue/fixed re-offer price: 99.906 Coupon: three month Euribor plus 15bp

Australia Hutchison Telecommunications Australia plans to raise A$500m in a float expected to be lead managed by Salomon Smith Barney and Warburg Dillon Read. A mandate has not yet been awarded as bankers are still examining whether there are any potential conflicts of interest arising from other telecom and telecom-related mandates elsewhere in the world.

THE AUSTRALIAN bond market re-affirmed its resilience this week with the easy absorption of benchmark issues for Deutsche Siedlungs und Landesrentenbank (DSL) and local retailer Coles Myer. Both transactions represented landmarks in Australia's rapidly widening domestic credit spectrum, with DSL becoming the first German issuer and second Kangaroo borrower in the sector this year, and Coles Myer the first corporate issuer to bring a 2003 offering.

PRICING of the $500m global bond by the China Development Bank (CDB) will take place on Tuesday, following well received roadshows in Asia and London which signal satisfactory investor demand. Although the ability of the Baa1/BBB+ rated credit to capture the imagination of US investors will prove crucial to the success of the deal, Asian observers believe that it stands well placed to catch the tail end of the pan-Asian rally in bond spreads. China and Hong Kong spreads, for example, have continued to contract over the past few weeks, with benchmark issuers now sitting flat to the US triple-B domestic curve, averaging 165bp over Treasuries.

LEHMAN Brothers and Merrill Lynch yesterday (Thursday) sold 898m PT Telekomunikasi shares owned by the Indonesian government, raising $406.91m and underlining the advance of bullish sentiment across the region. The shares were sold at Rp3,650, a 2.01% discount to the close yesterday (Thursday) of Rp3,775. The sale represented 9.6% of the total 9.33bn shares outstanding. Lehman and Merrill have long been mandated for the privatisation and began marketing an issue earlier in the week after ABN Amro failed to put together a successful deal for part of the government stake.

THE REPUBLIC of the Philippines scored a new and unexpected success this week with the completion of its $610m refinancing. The ease with which the split fixed and floating rate deal saw books close twice oversubscribed surprised a number of bankers who had deemed pricing aggressively tight.