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A DEBATE is brewing this week over the pricing of the $150m five year export financing for the Czech Export Bank. The deal is being arranged by ABN Amro and Commerzbank, and is split into two tranches. The first is a $100m revolver, and the second is a $50m term loan. The pricing is important -- this is the first bank deal to come out of the Czech Republic in 1999.

Morocco Signing of the Eu160m three year term loan for Banque Marocaine du Commerce Extérieur (BMCE) will take place today (Friday) at a celebratory lunch in Frankfurt.

The RECENT award of arranging mandate by Kredyt Bank has highlighted the growing number -- now six -- of Polish bank names either in or circling the loan market this year.

BBV, CITIBANK, Goldman Sachs, La Caixa, Merrill Lynch and Warburg Dillon Read are arranging a $16bn loan for Repsol to support its $13.4bn bid for Argentine oil and gas company YPF.

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THIS WEEK was a busy one on Wall Street as the new issues market remained robust and a number of companies returned with large secondary offerings. Goldman Sachs was successful with the IPO for Northpoint Communications Holdings mid week, raising some $360m for the company.

The introduction of the euro was certain to herald a fundamental change in the nature of Europe's capital markets. But the speed of change has taken everyone by surprise -- not least in the new euro bond markets.

ABN AMRO and Deutsche brought this week the third securitisation of Volkswagen auto leases, after a gap of almost three years since the first two deals. Volkswagen Car Leases No 3, a Eu500m, two tranche issue follows Ford's Globaldrive securitisation last month of European auto leases. The first two Volkswagen deals were launched in 1996. "VW had no funding need for ABS deals in 1997 and 1998," said Hans-Jürgen Fritz, director and head of German securitisation at ABN Amro.

GLOBO Organizations, the Brazilian television company that is the world's fifth largest TV broadcaster, this week launched an innovative secured borrowing that earned it Eu50m of three year funds at 300bp over Euribor, a substantial improvement on what it could achieve in conventional markets. There have been similar transactions in Portugal, but only in the private markets. Banco Finantia and Banco Privado Português structured the transaction to mitigate the Brazilian risk in the deal, replacing it with Portuguese exposure. Cayman Islands special purpose vehicle Globo Europe Ltd issued Eu50m of bonds with a five year final maturity -- puttable and callable from year three with step-up coupons.

GMAC launched its first plain vanilla securitisation of dealer floor plan receivables since 1996 this week, taking advantage of scarcity to pique US interest, and along the way pulling in some international buyers too. Launched via special purpose vehicle GMAC/SWIFT 1999A, the triple-A rated $750m bond was sold at 12.5bp over Libor on a 4.99 year average life, slightly tighter than initial price talk of 13bp or 14bp over.