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Source: Capital Data Bondware

Crédit Agricole Indosuez and EBN Banco this week launched a highly unusual Spanish collateralised loan obligation, backed by loans to small businesses extended by six banks under a government subsidised programme. The Eu474.4m bond included a Eu379.5m triple-A tranche guaranteed by the Kingdom of Spain - probably the only securitisation to have carried a full sovereign guarantee.

* ABN Amro plans to launch a $750m securitisation for its subsidiary Australian Mortgage Securities Ltd on Monday. ARMS II Euro Fund II will offer $300m of 'A1' notes with a 1.4 year average life, a $425.5m 'A2' piece with an average life of 4.7 years and A$36m of junior notes. Price talk is 18bp to 20bp over three month Libor, 28bp to 31bp over and BBSW plus 70bp area.

Nomura this week launched its innovative Eu396m securitisation of champagne stocks for Groupe Marne et Champagne, the world's second largest champagne producer. Inventory securitisation has been tipped as a sunrise asset class by European structured finance professionals for the last 18 months, but only a handful of deals have been completed so far, backed by tobacco, wool and liquor stocks.

ING Barings' mandate to advise Komercni Banka of the Czech Republic on restructuring its non-performing loan portfolio is on hold after the bank was forced to sell most of the assets ING had been studying to Konsolidacni Banka, the government's bad loan workout institution, at the end of 1999. Komercni mandated ING in July 1999 to advise it on ways to clean up its Ck80bn to Ck90bn bad loan portfolio as an aid to privatisation - the government planned to sell its remaining 49% stake in the bank by the middle of 2000.

Deutsche Bank this week pulled off an extraordinary coup by hiring the two co-heads of asset finance at Credit Suisse First Boston, the top securitisation house in the US, and possibly several other senior ABS bankers and traders from CSFB. After a day in which rumours swirled around Wall Street that anything up to 18 CSFB staffers were moving to Deutsche, the bank confirmed yesterday (Thursday) afternoon that it had recruited Jorge Calderon and Phil Weingord, co-heads of asset finance, and that it was having discussions with several other senior CSFB bankers and traders.

ING Barings-BBL and JP Morgan this week launched the fourth issue from Colonnade Securities BV, the club funding vehicle for local social housing institutions in the Netherlands. Colonnade was structured by ING Barings in 1998 to allow the country's 800 building societies, which own 40% of all homes in the Netherlands, to access the international capital markets as an alternative to their traditional source of funds, the Dutch private placement market.

Europe's cities and regions are drifting into international markets, rather than rushing, as Euan Hagger finds out. But some are blazing the way in attracting international interest

Whilst there has been much debate on the strengths and weaknesses of different ways to estimate value at risk (VaR), there has been relatively little debate on the inherent weaknesses of VaR itself as a risk measure.

KOREA Electric Power Corporation (Kepco) this week mandated Deutsche Bank and Merrill Lynch for the soon-to-be-privatised utility's first dollar bond offering since November 1998. A prospective $500m global bond offering also marks the group's return to funding in size, having last issued this amount just before the financial crisis in July 1997, when $500m was raised in one year funds via Warburg Dillon Read.

CHO HUNG Bank is preparing to launch a second subordinated dollar bond offering towards the end of March, with ING Barings and Salomon Smith Barney mandated to raise a minimum of $300m for the Ba2 rated bank. Following the successful acceptance of Hanvit Bank's $850m groundbreaking deal early last week, the lead manager JP Morgan has also been drafted in as a co-lead for what is likely to be a single lower tier 2 transaction.

THE REPUBLIC of the Philippines new policy of transparent and co-ordinated market access has suffered its first setback with widespread confusion surrounding its plans to launch a benchmark dollar bond. At the behest of the Bangko Sentral ng Pilipinas (BSP), the republic's department of finance (DoF) is believed to have given a mandate to Lehman Brothers and Salomon Smith Barney to launch a $1.2bn global bond. Of the total proceeds, $500m will be on-lent to the National Power Corporation (Napocor) and $700m will be used to finance the budget deficit.