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EUROPE'S GROWING asset backed market took another leap forward this week when Banca del Salento launched the first public securitisation of Italian mortgages. Lehman Brothers and Paribas ran the books jointly for the Lit365bn offering, which is the fruit of nearly a year's structuring work. Banca del Salento is a medium sized private bank based in the Apulia region, and one of the most profitable in southern Italy.

THE SLOVAK Republic is to launch a Euromarket financing of up to $1bn equivalent next week in a move that should enable the embattled country to set simultaneous benchmarks in three of the world's major currencies. Denominated in dollars, Deutschmarks and yen, the bond financing package will also represent the sternest possible test of investor sentiment towards a country that has been plagued by economic and political uncertainty over the past year. The ambitious transaction will mark the first occasion on which the Slovak Republic has tapped the international bond markets in its own name -- previous transactions have been conducted via the country's central bank, the National Bank of Slovakia.

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PHILIP MORRIS will launch its first benchmark transaction in the European currency markets early next week in a DM2bn 10 year deal lead managed by Credit Suisse First Boston and Deutsche Bank.

THE RUSSIAN authorities this week increased their Eurobond funding target for 1998 to $6bn -- almost double the $3.5bn ceiling envisaged at the start of this year -- despite the country suffering a twin blow to its credit rating. Last Friday, Fitch IBCA cut its BB+ sovereign ceiling for Russia to BB and placed it on RatingAlert negative. On Tuesday, Standard & Poor's downgraded its Russia rating from BB- to B+ with a stable outlook.

SBC WARBURG Dillon Read this week launched the offering of shares in Helsinki Telephone, a deal that is expected to raise around $300m and will comprise the sale of primary and secondary shares. Although the deal is still at an early stage, the interest shown by investors in meeting the company's management has been extremely encouraging. The only obstacle on the horizon appears to be the massive run up in the company's share price, which was at FIM280 this week compared to FIM180 at the start of the pre-marketing period.

* BCH International Finance Ltd Guarantor: Banco Central Hispanoamericano SA

Argentina * Republic of Argentina

* BBV International Finance Ltd (Grand Cayman) Guarantor: Banco Bilbao Vizcaya SA

* Baden-Württemberg L-Finance NV Guarantor: L-Bank

* Seashell Securities