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Domestic issuance: * Banca d'Intermediazione Mobiliare IMI SpA

* Kredietbank Luxembourg Amount: Lfr2bn subordinated debt

* Fannie Mae Rating: Aaa/AAA

Market commentary Compiled by Glenn Blackley,

Market commentary Compiled by Tawanda Nyandoro, RBC DS Global Markets, London. Tel: +44 171-653 4870

Eurosterling secondary market Compiled by HSBC Markets, London. Tel: +44 171-336 3525.

Hannover Re broke new ground when it accessed the capital markets. It wanted discretion, easily available capacity and to forge a new reputation for itself. It believes the effort it has put in has now paid off. "We wanted access to the capital markets on a long term basis," says Jürgen Gräber, deputy member of the board at Hannover Re, responsible for securitisation.

The companies thinking about issuing bonds Reactions magazine polled the chief financial officers and those managers in charge of alternative risk transfer at the world's 100 largest insurance companies to find out what they thought of securitisation. Here are some of their replies:

INSURANCE RISK securities are providing fresh encouragement for professionals in both the insurance and capital markets who look forward to fundamental changes in the way corporate risk is allocated and distributed. Willy Hersberger, head of corporate marketing at Swiss Re New Markets, believes a new corporate risk financing market is evolving. "It is a market in which integrated risk financing solutions are shaped by blending both traditional and non-traditional insurance products, banking instruments, and capital market solutions," he wrote earlier this year.

WHILE INSURANCE securities issued as bonds have enjoyed the limelight, a market in derivative structures offering exposure to insurance risk is quietly flourishing in the shadows. At the end of June, Paribas and AXA arranged a catastrophe option to provide reinsurance against a Californian earthquake for an undisclosed US insurance company.

Ghana Standard Chartered and Ghana International Bank have received an excellent response from banks at the co-arranging level of the $320m pre-export finance facility for Ghana Cocoa Board (Cocobod).

China SG Asia has launched a $30m fundraising for Guangdong International Trust & Investment Corp.