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Australia Industrial Bank of Japan (London) has won the mandate to act as financial adviser to Austeel, which is developing a large integrated iron and steel production facility in Western Australia.

* Paribas is to launch today (Friday) the first UK non-conforming mortgage securitisation for Ocwen since the lender's management buy-out in October 1999. The £250m equivalent deal is also the first UK mortgage securitisation to be lead managed by Paribas. Ocwen UK was formed last year in a management buy-out, splitting the sub-prime lender from its US parent. Today's deal was to have been launched in December, but was postponed due to unfavourable market conditions.

NIKKO has hired Andy Clapham as managing director of its Principal Investments Group (NPIL) in a move that underlines the bank's commitment to what is its only stand-alone business in Europe. Clapham, head of Greenwich NatWest's successful securitisation team until he left early in 1999, joins with four other new hires to boost Nikko's London-based group to just under 40 people.

RABOBANK and the International Finance Corporation (IFC) have closed the first securitisation of existing onshore Turkish assets with Garanti Leasing IFC Finance Ltd. The $43m equivalent deal parcels equipment lease receivables originated by Istanbul-based Garanti Leasing - a subsidiary of Garanti Bank. It achieved a rating of Baa2/BBB from Moody's and Duff & Phelps, five notches above Turkey's sovereign foreign currency debt rating.

The simple business of lending to a corporate institution and sitting on the credit risk is not profitable these days.

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In last week's issue of DW we looked at the treatment of credit risk mitigation in the recently released consultation paper by the European Commission on new capital adequacy rules for European Union financial institutions.

Australia BNP, Salomon Smith Barney and Warburg Dillon Read completed one of the last equity fundraisings of the year with a A$120m sale for Solution 6.

CREDIT Suisse First Boston and Goldman Sachs are preparing to launch the $500m privatisation of Indian Oil Corp (IOC) in January. The move follows the successful completion of Gas Authority of India's (GAIL) secondary placement of 22.5m GDRs in November. The Jardine Fleming and Morgan Stanley Dean Witter-led deal raised $218m and helped satisfy investor appetite for Indian issues.

* Nomura this week launched a ¥10bn securitisation of Japanese consumer loans for Unimat Life Corp. The three tranche deal, launched under Unimat's ¥100bn Euro-MTN programme, parcels a geographically diverse pool of loans, of which all the obligors are female, and most have an annual income of less than ¥4m. The vast majority of the loans have a fixed interest rate of 34.31%. This makes the deal susceptible to the proposed drop in the legal interest rate ceiling from 40.004% to 29.2%. To compensate, the transaction has strong credit enhancement - overcollateralisation equivalent to 27.4% subordination, several cash reserves and triggers to halt the revolving process and payment of dividends to Unimat Life. DC Card Co is back-up servicer for the loans.