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BANK of Tokyo-Mitsubishi is to increase the capital of its London-based investment banking subsidiary, Tokyo-Mitsubishi International. The capital infusion of £185m to take place this month will increase TMI's capital to £333.5m. In conjunction with structural changes, the infusion will increase the status of TMI to a core entity within the bank's global investment banking business, alongside the Tokyo-based Tokyo-Mitsubishi Securities (TMS).

* Deutsche Bank has appointed Paco Zaragoza as head of debt capital markets, Spain. He will be based in London and will report to John Winter, European head of debt capital markets. Zaragoza joins from Merrill Lynch International, where he was a vice president on the southern European desk of the global debt capital markets division.

THE REPUBLIC of Turkey made its keenly awaited debut in the euro sector this week with the launch of a Eu500m five year issue. Joint lead managed by Deutsche Bank and Paribas, the B1/B rated transaction featured a 9.5% headline coupon to give a yield of 9.63% and spread of 622bp over the 6.25% March 2004 Treuhand on a fixed re-offer price of 99.50.

* Barclays Bank plc Rating: Aa3/AA-

France Banque Nationale de Paris, Barclays, Crédit Lyonnais and HSBC are near to wrapping up general syndication of the popular Eu1bn five year revolver for Banque PSA Finance, with only a couple of stragglers holding up the close.

DEUTSCHE Bank confirmed its status as the largest issuer of securitisations in the European bond market this week, as it brought the second deal from its CORE programme of collateralised loan obligations backed by loans to German corporates. The Eu2.48bn ($2.72bn) transaction, CORE 1999-1 Ltd, is Deutsche's fourth jumbo asset backed issue in less than a year, and underlines the bank's unusually thorough commitment to securitisation as a tool of balance sheet management.

LAST FRIDAY, Credit Suisse First Boston brought First USA's second credit card securitisation this year -- and the $602.41m seven year deal was driven by European demand. "European investors have been more receptive to seven and 10 year paper than their US counterparts," said an official at CSFB in London. "We started the premarketing in London and sold two thirds of the bonds in Europe."

LAST FRIDAY, Credit Suisse First Boston brought First USA's second credit card securitisation this year -- and the $602.41m seven year deal was driven by European demand. "European investors have been more receptive to seven and 10 year paper than their US counterparts," said an official at CSFB in London. "We started the premarketing in London and sold two thirds of the bonds in Europe."

UBS IS SEEKING buyers for its asset backed commercial paper conduits, Mont Blanc, Monte Rosa, Eiger and Matterhorn. The programmes had combined average outstandings of $17.7bn in the third quarter of 1998. The conduits were set up by Union Bank of Switzerland, and since the old UBS merged with Swiss Bank Corp last year, the new management, with its enthusiasm for profit and a lean balance sheet, has been sceptical of the merits of the business.

* Bookrunner CIBC World Markets and joint lead Bacob Artesia Bank will launch Eerste Vlaamse Effectisering SKV 1, the first securitisation of Flemish social housing mortgages, today (Friday) or on Monday, pending final approval by rating agencies and the Belgian banking commission. The single tranche Eu324m deal will have an average life of 4.47 years, and pricing will likely be 22bp to 25bp over three month Euribor. Overcollateralisation will provide credit enhancement of 6.5% to 7%, and the deal will have a 40% risk weighting in Belgium on the strength of a 20% guarantee from the Flanders government.

PARISIAN OPTION VALUATION

Want to get ahead in the race to secure a place in the top rungs of the euro-denominated league tables? Then don’t ignore the opportunities that Asia’s financial markets could provide. Asia’s issuers —hamstrung by the region’s financial woes — have been the slowest to access the new single currency debt market. But when the deal flow picks up again, the region’s borrowers are likely to look favourably on a sector that offers welcome diversification from their traditional Yankee and Asian FRN bases. Asia’s investors — in particular the mighty central banks and Japanese institutions, the kind of buyers that can make or break a deal — have, in contrast, been quick to pick up the euro baton. Investment banks are already seeking to lever their distribution capabilities in the region to secure mandates. Jackie Horne reports.