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James Nisbet will leave Dai-Ichi Kangyo Bank on January 18 to become assistant vice president at First Chicago NBD. Nisbet, who was an assistant manager in the loans syndication department at the Japanese bank, will continue to work on the distribution side at the US bank. At Dai-Ichi Kangyo, Nisbet concentrated mostly on Turkish transactions. However, at First Chicago, he will have a wider mandate, including UK and leveraged deals.

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THE B1/B rated Republic of Turkey this week completed its final fundraising of 1998, a DM200m tap of its DM800m 9.5% November 30, 2001 Euro-Deutschmark offering. Conducted as a block trade by sole lead Deutsche Bank, the increase was launched at an issue price of 101.80 -- flat to the offer side of the outstanding DM800m transaction.

* Axel Thill is transferring from the Dresdner Kleinwort Benson's syndicate desk in London to take a senior role in the firm's debt capital markets division in Tokyo, which will include setting up a Japan-based syndicate function for the bank. * WestLB has appointed Tim Richards as global head of debt syndicate (excluding emerging markets). Richards joins from Daiwa Europe in London, and will report to Erwin Sell, global head of new issues and syndicated loans.

BANCO Santander launched what may be the last Eurobond in pesetas with its eighth residential mortgage securitisation, lead managed by Morgan Stanley Dean Witter. Unlike many recent Spanish MBS, which the issuers have largely retained to use as repo collateral, Santander intends to sell the whole of Hipotebansa VIII.

THE SUPERVISORY board of Westdeutsche Landesbank met on Tuesday to consider whether to buy a large slice of Formula 1 Finance, the hybrid corporate bond/securitisation that Morgan Stanley Dean Witter has structured for motor racing company Formula One. WestLB would not comment, but market participants said the bank may buy up to $1bn of the bond, provided it receives a rating from Standard & Poor's. S&P had earlier said it would only rate $1.4bn of the intended $2bn of debt single-A. The Financial Times reported on Tuesday that Bernie Ecclestone, owner of Formula One, had accepted that the deal be shrunk to $1.4bn.

* Aerolineas Argentinas this week borrowed $50m from domestic and international investors in a securitisation of its future ticket sales lead managed by Citicorp Capital Markets SA. The transaction, Aerocard 2, is the second issue in a $150m programme that began with a $50m four year amortising deal led by Citicorp in May 1997. Both bonds are backed by credit card payments to the airline -- combined debt service on the two deals is covered eight times by current revenues.

The default swap premium, floating-rate note and asset swap spreads reflect compensation required for bearing default risk.

MERRILL Lynch and Salomon Smith Barney generated an oversubscription level of 3.5 times for Pohang Iron & Steel's (Posco) ADR issue this week despite an increase in size from $250m to $300m. The sale is the largest from Asia since April and if, as expected, the pioneering 15% greenshoe is exercised, it will be the largest ever from Korea. A largely positive endpiece to a difficult year was overshadowed by some criticism among bankers that the deal was mispriced after the ADR shot up 17.2% on the first day of trading. Bankers defended the pricing, arguing that the government saw the sale as a benchmark for the new privatisation process.

THE JAPANESE government's $7bn selldown of shares in telecoms giant NTT is likely to be comfortably covered when the deal closes today (Friday), with Japanese retail investors and European institutions driving the deal. Pricing is expected at the tight end of the 3% to 5% discount range announced last week and bankers said that the share price appears to have stabilised around the ¥900,000 level * up from ¥890,000 a week ago * although the last minute fluctuations common in Japanese offers could not be ruled out.

Hong Kong 'H'-share Heilongjiang Agriculture faced a second listing hearing in front of the stock exchange of Hong Kong yesterday (Thursday), but as Euroweek went to press the outcome was not known. Global co-ordinator ING Barings is thought to be planning to launch the $200m issue early in January.

THE FEDERATION of Malaysia made a rare and unexpectedly early appearance in the debt markets this week with its ¥74bn ($500m) securitisation backed by Japan's Ministry of Trade & Industry (MITI). Arranged by Nomura Securities Tokyo, the five year deal had an unusual and unique structure that posed the first test of investor responsiveness to the numerous credit enhanced and guaranteed deals likely to emerge from Asia next year.