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VOLKSWAGEN and Allianz will shortly begin rights increases, signalling the largest and most concentrated increase in the supply of German stock yet. "The continuing performance of the local stock exchange has pushed these groups to take advantage of the maximum valuations which investors are attaching to their stock," commented one banker. "The current conditions should also allow these companies to attempt to shave off something on the discount offered to existing investors, although with many of these established groups, this principle would be very difficult to put into practice."

Edward Brown has quit as head of distribution in Chase Manhattan's global syndicated finance department in London to join Credit Suisse First Boston. He will be a director in CSFB's syndicated finance and asset distribution team in London where he will report to managing director Grant Johnson and work alongside Charles Bennett. Michael Berry and Christophe Cleve have been appointed global co-heads of leveraged finance within Deutsche Morgan Grenfell's structured finance division. Berry will be based in London, while Cleve will be based in Frankfurt. Both will report to Gavin Lickley, head of structured finance.

Argentina SBC Warburg Dillon Read is in the market with its $250m loan-style FRN for Banco de Galicia y Buenos Aires SA. The facility, which is priced at 200bp over Libor, is for general funding purposes and is being issued under the borrower's new $1bn Euro medium term note programme.

LEAD manager Beeson Gregory has completed the premarketing for the sale of stock in Granger Telecom. The flotation of the UK group, on which Aros Securities and Puilaetco are co-managers, will continue until the book closes today (Friday) when the shares will be priced before trading begins on the Easdaq stockmarket next week. The deal marks the first of many sales of stock in groups which operate ancillary services for the telecom industry -- with privately owned European companies keen to take advantage of the strong demand among international investors in the telecom sector.

GRUPO Minero Mexico (GMM) and Pemex were both forced to launch their collective $1.2bn worth of dollar deals this week at the widest end of spread talks as investors began to take profits and baulk at the recent lack of spread premiums offered on Mexican paper. Pemex came to market on Wednesday with a $700m Yankee offering. That was split into: a $350m seven year bond via JP Morgan and SBC Warburg Dillon Read at 275bp over Treasuries, compared with a spread talk of 270bp to 280bp; and a $350m 20 year Yankee via JPM and Goldman Sachs at 335bp over Treasuries, from a spread talk of 320bp to 330bp.

* At its annual general meeting on Thursday, IPMA elected its new board of directors and named its committee chairmen. The board of directors are: Jonathan Greenwood (ABN Amro); Mario Arnaboldi (Banca Commerciale Italiana); Carlos de Pedroso (Banco de Negocios Argentaria); Jean-Pierre Wellens (Banque Bruxelles Lambert); Cyrus Ardalan (Banque Paribas); Roman Schmidt (Barclays Capital Group); Robert Edge (CIBC Wood Gundy); Olivier Allard (CDC Marchés); Henri Kuppers (Credit Agricole-Indosuez); Adrian Cooper and James Leigh Pemberton (Credit Suisse First Boston [Europe]); James Siracusa and Anthony Wilson (Daiwa Europe); Hans-Werner Voigt (Deutsche Morgan Grenfell); Bracebridge Young Jnr (Goldman Sachs); Gerhard Abel (Dresdner Bank); Robert B Gray (HSBC Markets); Tsunehiro Nakayama (IBJ Intl); Joseph Cook (JP Morgan Securities); Robert E Kiernan III (Lehman Brothers Intl [Europe]); David Tory (Merrill Lynch); Eden Riche (Morgan Stanley); Philip Brown (Nikko Europe); Andrew Asbury (Nomura Intl); Gregory Nottle (RBC Dominion Global Markets); Mark Watson (Salomon Brothers Intl); Stephen West (SBC Warburg Dillon Read); Helle Breinholt (Unibank) and Erwin Sell (WestLB).

KREDITANSTALT für Wiederaufbau took the Euromarkets by storm this week with the launch of a DM4bn bond, the agency's debut global and its first benchmark deal since receiving an explicit German government guarantee.

China Crédit Lyonnais has launched the $45.8m, four year loan for Telpo Communications Group Ltd through special purpose company Tianjin Jintelpo International Trade Co Ltd. Banks joining as arrangers with a commitment of $8m earn a margin of 100bp and a front end fee of 90bp.

DEUTSCHE Morgan Grenfell brought Citibank back to the fixed rate Deutschmark sector this week, with a seven year deal targeted primarily at German investors. The senior tranche of Citibank Credit Card Master Trust 1 Series 1998-5 was increased from DM1bn to DM1.25bn on the day of launch and came at the tight end of price talk. Class 'A', rated triple-A, was issued at 102.10 and re-offered at 99.65 to yield 25bp over the 7.375% January 2005 Bund with a coupon of 4.78%. The DM80m subordinated tranche, rated A2/A, pays a 5.18% coupon.

GREENWICH NatWest brought a new name to the UK non-conforming mortgage securitisation market this week with a £59.85m deal for Southern Pacific Mortgage Ltd. The company is the UK subsidiary of US lender Southern Pacific, which was in the market last week with its own $555m deal through Morgan Stanley. Southern Pacific Mortgage is likely to compete with other lenders such as Kensington Mortgage Co to lend to borrowers with unusual or impaired credit histories, rather than pursuing the poor credit, equity driven market dominated by outfits such as City Mortgages.

MERRILL Lynch brought Alliance Funding Corp to the market last Friday with a $450m mortgage securitisation wrapped by triple-A rated FGIC. AFC Mortgage Loan Asset Backed Certificates Series 1998-1 is unusual in that it is entirely floating rate, even though some of the collateral is fixed rate.

ANZ INVESTMENT Bank this week launched a CBO, backed by a portfolio of emerging market bonds and loans managed by ANZ Emerging Markets Fund Management. Second Emerging Markets CBO Ltd offered $75.075m of sequentially amortising paper. Class 'A1', worth $42m and rated Aaa by Moody's, has an average life of 5.7 years and pays 40bp over six month Libor. The $18m 'A2' notes, rated A2, have a 9.5 year average life and coupon of 90bp over six month Libor. The $15.075m 'B' tranche was privately placed.