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South Africa Standard Bank London has signed the $55m three year term loan for LTA International.

* ING Barings has moved Sumant Singha from London to New York where he will join the syndicate desk as director, reporting to Russell Ashcraft, managing director and syndicate head. His coverage responsibilities will include Latin American sovereigns and other frequent issuers.

NOMURA and Creditanstalt Investment Bank are reopening the Hungarian primary equity market with the $60m flotation of shares in IT company Synergon. Roadshows began yesterday (Thursday) in Budapest for the IPO and will continue until April 22, ahead of pricing on April 25. The shares, which will also be sold as London-listed GDRs, will begin trading on the Budapest Stock Exchange on May 5.

CORPORATE new issue activity is hotting up in Spain in the wake of the government's successful sale of shares in defence group Indra, with construction group Ferrovial Agroman leading a potentially long line of private sector flotations. Morgan Stanley Dean Witter and BBV are leading the IPO, which could raise around $1bn through the sale of some 30%-35% of the company. The IPO follows a reorganisation of Ferrovial -- whose interests include construction, real estate and services -- including a merger of its construction business with its Agroman subsidiary.

Helen Jones has joined DG Bank's loan syndication team in London as head of origination, emerging markets. She will cover central and eastern Europe, Turkey, the Middle East and Africa Jones joins from Dai-Ichi Kangyo where she had worked for five years, responsible for central and eastern Europe.

TOKYO Sowa Bank has postponed the ¥30bn bond that was to have been the first securitisation of Japanese residential mortgages. Bear Stearns had begun marketing the deal in February, but was unable to place all the bonds before investors started to close their books for the financial year end on March 31.

HITACHI Leasing Co, the oldest leasing company in Japan affiliated to a manufacturer, became the newest entrant to the country's asset backed market this week, with a ¥34.5bn domestic deal lead managed by IBJ Securities. HL Asset Funding Corp Series 1 is backed by some 2,335 equipment leases extended to 786 Japanese companies, worth a total of ¥41bn. IBJ split the senior portion, rated Aaa by Moody's, into 10 hard bullet tranches, maturing every six months from October 1999 to April 2004. (See bonds section for full details.)

IN THE WEEK of April 19, Banco Finantia and Banco Privado Português will launch an innovative secured borrowing by Globo Organizations, the Brazilian television company that is the fifth largest TV broadcaster in the world. Cayman Islands SPV Globo Europe Ltd will issue some Eu50m of unrated bonds with a three year expected and five year final maturity, likely priced at 300bp to 400bp over Euribor. The leads will hold roadshows in Portugal and Switzerland next week.

* JP Morgan will launch the second Euromarket securitisation for Australian non-bank mortgage lender RAMS Home Loans Pty Ltd on Tuesday or Wednesday next week. The $500m deal will have a structure very similar to that of RAMS' debut issue last September, which offered triple-A rated bonds with average lives of 2.7 and 5.3 years, and a soft bullet subordinated tranche rated low double-A. JP Morgan will reveal price guidance today (Friday).

Simple interest rate options may be valued using variants of the Black-Scholes approach.

The introduction in January of the euro and creation of the single European currency bond market promised to open up central and eastern European bond issuance to a wider investor base than ever before.

Satellites and undersea cables are among the most risky telecom projects around. So far, most of the capital has been put up by large telecom groups. However, several operators are seeking to raise additional funding in the international debt and equity markets. Will they get it?