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BACOB, BBL and Bear Stearns this week brought the first securitisation for Belgium's local social housing leaders. The Bfr7.785bn deal, via special purpose vehicle Belsca SA, was a blow out -- all three bookrunners' allocations were oversubscribed.

Everyone is familiar with the idea of return on capital (ROC). If an investor makes an investment, he wishes to be sure of a good return on the capital invested.

* DKB International brought a ¥5bn repackaging of a single Japanese corporate loan this week. The bond matures in January 1999, and carries an annualised coupon of 0.91612%, paid at redemption. Dai-Ichi Kangyo International would only comment that the whole bond was placed with a single Japanese financial institution, but market participants believed the purpose of the transaction was to allow Dai-Ichi Kangyo Bank to take a loan off its balance sheet. The Cayman Islands vehicle which issued the bond, Almighty Asset Funding Corp, launched two deals last year, lead managed by DKBI.

WHAT WAS intended to be the first T share issue * a Chinese company listed on the Tokyo exchange * was pulled last week as Asian markets went into freefall and concern mounted over the steady decline in the value of the yen. The Fed-led boost of the yen came too late to save the deal from Tianjin Automobile, which collapsed on Tuesday. Lead manager Daiwa Securities announced on behalf of the company that market conditions were to blame -- but a number of players in the markets questioned the logic of the deal in the first place.

AMP THIS WEEK launched the most successful float in Australia's history but market euphoria was short lived as the Asian crisis bit into the Australian market. The deal marked the culmination of months of groundwork by the company and lead managers Credit Suisse First Boston and Deutsche Morgan Grenfell. Bankers labelled it an extraordinary transaction, unique in many respects. The institutional pricing mechanism had not been used before and may serve in future deals where institutional demand far outweighs supply, they said.

* Renewed strength in the NT$/US dollar swap market allowed the European Bank for Reconstruction & Development (EBRD) to re-open its recent NT$6.6bn issue with a further NT$4bn of bonds launched via Grand Cathay, bringing the total issue size to NT$10.6bn. Priced at 99.84 plus accrued interest from April 17 when the original deal was launched, the new issue has an equivalent issuing yield of 6.8% and a coupon of 6.75%.

* China Everbright International has received approval from the Securities and Futures Commission for a waiver on a general offer for Kumagai Gumi (HK) Ltd. China Everbright will subscribe to 90m new shares in the company, increasing its stake to 35.07% from 20.98%. * The memorandum of understanding with Ispat International on the privatisation of PT Krakatau Steel signed by the former president Suharto's government in its dying days has been cancelled.

THE UNITED Mexican States will stay away from the international bond markets until its spreads tighten at least another 25bp to 35bp, its general director of public credit, Carlos Garcia Moreno, said in London yesterday. "We will definitely be looking at market opportunities in the next few months, but we are in one of the categories where if anything we will be looking to retire debt more than issuing debt," he said at the Euromoney global bond conference.

* Lead manager Merrill Lynch has completed the roadshows for the $75m five year debut Eurobond for Polish steelmaker Huta Imienia Tadeusz Sendzimira Kakowie SA (HTS). Market conditions permitting, the floating rate issue will be launched next week via HTS's Dutch registered vehicle, Polish Steel BV. Price talk is 175bp-200bp over three month dollar Libor. Pricing will step up by 150bp if HTS is not privatised by March 1999 in accordance with certain ownership covenants which dictate that the either the Polish state or one of two Western steel consortia vying for control of the company hold a 51% stake in HTS. The proceeds of the transaction will be used to refinance short term debt and for capital expenditure purposes.

SALOMON Smith Barney this week won the highly coveted mandate to sell the remaining 20.3% stake in YPF held by the Argentine government by offering the lowest ever fees for an Argentine equity issue. Salomon, along with consortium partner BBV-Banco Frances, was chosen from a short list of top underwriters by bidding fees of just 0.234% for the deal, which, with a YPF ADR price of $30 and 71.6m shares on offer, is expected to raise about $2.15bn.

THE PROVINCE of Buenos Aires has delayed plans to come to the lira market via JP Morgan in favour of a $100m equivalent euro issue at a better all in cost, to be led by Chase Manhattan. Angel Cabral, director of public credit for the province, said the deal would be launched in the next few weeks and will be four to six years in maturity.

ANDES DEVELOPMENT bank Corporación Andina de Fomento (CAF) plans to launch another two bond issues in the international markets this year totalling $200m to $250m. CAF chief financial officer Hugo Sarmiento, told delegates at the Euromoney borrowers and investors conference in London that the Yankee and the euro denominated bond markets would be the obvious targets. "We will again look at the Yankee market as well as the euro market," he said. "We will either choose another local (European) currency or we may decide to issue in euro."