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THE LAUNCH of a novel asset based financing by Asia Pulp and Paper (APP) has again enhanced the Indonesian group's reputation as one of the region's most resourceful borrowers. Led by Bank Boston, which recently handled the group's $600m exchange and consent offer with JP Morgan, the group is hoping to raise $100m from a one year facility backed by its Singapore-based paper inventory.

URBAN Bank and the Pag-IBIG Fund formally launched the Philippines' first long term programme for securitising mortgages this week. It is set to lead to the first listing of debt securities on the Philippine Stock Exchange. The HomeCorp Securitised Housing Loan Program will provide residential mortgages which are securitised as soon as they are disbursed to borrowers. The loans will be originated by the Pag-IBIG Fund, a government social housing fund, but will be underwritten by banks, according to private sector credit standards.

RAMS HOME Loans Pty Ltd, Australia's second largest non-bank mortgage lender, made its debut in international markets this week with a $400m mortgage backed Eurobond.

* Great Belt AS Guarantor: Kingdom of Denmark

* The political and financial crisis in Russia has forced the government to consider delaying the sale of stock in Rosneft, the last major state owned oil group. Fearing that foreign and domestic investors would shun the opportunity to purchase stakes in the group Victor Ott, a Rosneft director, said this week that any attempt to proceed with the privatisation should, for the moment, be scrapped.

THE FLOTATION of stock in Bodegas Paternina, the Spanish maker of fine wines, is proving an important test of strength for international and local investors. The deal is being run by Banco Santander, with M&G as joint lead. As the offer enters its final week, the book looks well subscribed, especially by buyers in Spain and the UK. The roadshow schedule will see the company and its bankers travel through continental Europe, and the preliminary levels of interest have been encouraging.

THE TRÉSOR has launched the first of this year's French privatisations with the sale of stock in insurer Caisse Nationale de Prévoyance (CNP). The deal is run by ABN Amro Rothschild with CDC Marchés in charge of the local sale. The government has indicated in recent weeks that it would seek to defy turbulent market conditions by proceeding with the disposal of state owned assets. But the French authorities are expected to adopt a sensitive approach to pricing the equity on offer.

US biotechnology company Centaur Pharmaceuticals, which was to have started trading on the Swiss stock exchange this week, has postponed its IPO, blaming unstable market conditions. Centaur was to have been the first US biotechnology company listed in Switzerland, but had already been forced to reduce the size of the deal from 5.6m shares to 2.9m.

GLOBAL co-ordinator Schroders is set to defy the turbulent eastern European equity market conditions to bring TPSA to the international equity markets. The Polish national telecom operator is being sold by the government in the region's largest and most important privatisation, which could raise as much as $2bn. The firm plans to launch the deal towards the middle of next month with a view to pricing at the start of November. The analysts' briefing has taken place and most participants seemed impressed by the company's prospects.

SOUTH African Breweries (SAB) is to seek a London listing this year as a prelude to an international expansion programme. This follows last week's news that Robert Fleming and Dresdner Kleinwort Benson will launch the sale of stock in SanLam, the country's second biggest life assurance group, in the third or fourth quarter of 1998. However, the sales may not have a smooth passage to the market. Emerging market salesmen bemoan the current instability in world stockmarkets, which is likely to inhibit, or even derail the flow of South African equity to international investors.

LEAD managers ABN Amro Rothschild and Goldman Sachs launched a Dfl 1.3bn to Dfl 2bn convertible bond on behalf of the acquisitive Dutch supermarket group Koninklijke Ahold as foreshadowed in Euroweek last week. The deal forms part of a Dfl 4bn capital increase with between Dfl 2bn and Dfl 2.7bn to be raised in the form of common stock. The securities will be offered simultaneously to investors, who were this week marketed with convertible terms which include a coupon of 2-1/12% to 3% and a conversion premium of 22% to 27%. The five year bonds have hard call protection for three years.

MERRILL Lynch and Lehman Brothers are pressing ahead with the sale of stock in Israeli government controlled Bank Leumi despite poor market conditions and investors' flight from emerging equity markets. The privatisation follows the previous sale of the bank's equity to international and local investors last year in a deal that was structured as a local offering with international placement by the two US firms.