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ABN Amro launched the first securitisation of Dutch consumer loans last Friday (December 10), in a further sign that the bank is emerging as one of Europe's most ardent securitisers. The Eu1.376bn issue is also the largest securitisation of the asset class in Europe. "The deal went fine, despite the late timing," said a syndicate official at ABN Amro in London. "The pricing was a little bit difficult, because the market is thinner at this time of year. We postponed launch by a day to make sure the bonds were fully preplaced. Due diligence is harder to do when firms are 60%-70% staffed."

In last week's issue of DW we looked at the treatment of credit risk in the recently released consultation paper by the European Commission on new capital adequacy rules for European Union financial institutions, and compared it to similar proposals by the Basel Committee on Banking Supervision.

Latvia Transit Bank is thought to be looking for a $20m syndicated loan to be launched next year and may be turning to Bankgesellschaft Berlin to arrange it.

Australia Merrill Lynch completed a A$48m placement of Powertel shares on Tuesday. A total of 20m shares in the third-tier telecom provider were sold by a venture capital company at A$2.40 - a discount of around 10% to the market price.

ABN Amro Rothschild's $300m Hong Kong IPO for Beijing Capital International Airport will be among the first deals of the new year, heading a new stream of transport related sales to target investors. A research blackout for the $250m to $300m deal for the Chinese capital's redeveloped airport begins on December 23, prompting expectations of an early January launch.

* The Philippine National Power Corporation (Napocor) has sent out invitations to bid on a dollar bond offering for the second time this year. Having previously sought proposals in June, the state-owned group has asked banks to update pricing guidelines for a minimum $300m 10 year transaction for launch next year. Replies are due by December 20, but many bankers doubt whether a transaction is any more likely to see the light of day than it was in the summer when the group said it was considering a third quarter deal.

The Islamic Republic of Pakistan has achieved a far higher level of acceptances than originally anticipated for the exchange offer of its three Eurobonds which closed this Monday (December 6). However, while the country managed to get 90% of bondholders to agree to the terms of the exchange, observers said that the key question centres on what will happen to the remaining 10% that did not participate.

* Province of Nova Scotia Rating: A3/A-

Responses are due in two weeks for a HK$2bn five year fundraising for Cheung Kong Finance Co. Co-ordinating arrangers BA Asia, BOCI Capital, CEF Capital, Industrial & Commercial Bank of China, KBC Bank and SG Asia have launched general syndication, having underwritten the entire amount.