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GENERALE Bank's successful bid for the arranging mandate for Belgian brewing firm, Interbrew SA has shocked the European corporate loans market with its highly aggressive terms. Generale won the mandate with a bid offering the borrower a Bfl 10bn bullet facility with a 10 year maturity -- an exceptionally long tenor for a European corporate.

THE TWO level co-arranging phase for the $2.3bn equivalent debt package backing Enron's acquisition of Wessex Water has proved a blow-out success attracting around $3.35bn in commitments. The deal is being arranged by Barclays and Greenwich NatWest which will launch general syndication today (Friday).

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DID WE place a cat among the Tokyo pigeons with our revelations that Euromarket icon Simon Fry might do a runner from Nomura to the Dutch cloggies?

China ANZ Investment Bank is sounding out the market for a $100m seven year financing for Tianjin Ao Zhong Development Co, a joint venture between Recosia Pte, Ipoh and HKR International.

THE ATTRACTION of the telecom sector in developed economies at a time of market turmoil has been underlined by the strong response to the Finnish government's privatisation of national operator Sonera. Led by Merrill Lynch and Merita, the offering has already drawn widespread and enthusiastic demand from Finland, the Nordic region and the rest of the world -- with another week of bookbuilding still to go ahead of pricing.

* Michael McCarthy will retire as head of Goldman Sachs' municipal bonds department on November 30, after 21 years at the firm. He has headed the department since 1994. McCarthy, who is the 1998 chairman of the Bond Market Association, will remain on the group's board next year.

TWO SPANISH savings banks this week took advantage of the Bank of Spain's ruling that it will accept triple-A rated Spanish mortgage backed securities as collateral for liquidity borrowing. Each of the issuers would have been happy to retain the entire value of its mortgage backed deal to use as repo collateral, but both ended by selling some of the bonds to third party investors in Spain.

LEHMAN BROTHERS has launched two huge mortgage securitisations from its Sasco shelf in the past week, prompting market participants to surmise that the bank was anxious to take assets off-balance sheet as quickly as possible. But other sources said the deals were planned months ago to be launched now. Sasco Series 1998-C3 was the largest commercial mortgage backed security ever issued, offering $3.872bn of floating rate paper in at least 20 tranches. The deal came at spreads so wide that even CMBS professionals who have been coping with turmoil in the sector for the last few weeks were surprised.

* CIBC executed its second collateralised loan obligation this week, placing $4.6bn of triple-A paper into its US asset backed CP conduit SPARC and selling the junior tranches as bonds through Goldman Sachs. "We were delighted to get the deal done in a market as difficult as this," said an official at CIBC in New York. "The structure is designed to provide us with the most efficient funding for our corporate loan business, taking into account capital and the wider economics as well as borrowing cost."

PARIBAS RETAIL Financial Services, the former Compagnie Bancaire, unveiled a new structure in the French asset backed market with a Ffr4.28bn issue last Friday -- the master trust. Master Noria is the first fonds commun de créances (French securitisation vehicle) that can issue multiple series of bonds. Cetelem, a unit of PRFS that writes consumer loans, will use the vehicle for regular securitisations. Each deal will share collateral with all the others.

If the Black-Scholes model and its extensions were the discoveries of the 70s and 80s, then value-at-risk models are the darlings of the 90s.