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LEADING private sector Turkish financial institution Türkiye Garanti Bankasi has launched a bond buyback offer, with the bank tendering to repurchase up to $100m of its $350m 9.375% October 15, 2002 Euro/144A issue. That issue was launched on a fiduciary basis via Garanti's Cayman Island-registered SPV, Pera Financial Services Co, in early October 1997 -- before the Asian and Russian financial crises hit the emerging market debt sector.

* European Investment Bank Rating: Aaa/AAA

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Belgium Banque Nationale de Paris (facility agent) and Citibank (bookrunner and documentation agent) have launched the $750m revolving credit for Tractebel into general syndication. Commitments are due at the end of next week.

Asset backed securities: * J-Shop Corp II

BANKBOSTON completed a $2.18bn securitisation of loans to US corporates this week, offering three and five year global bonds. To maximise liquidity and secondary market support, BankBoston employed three leads: Lehman Brothers (books), Merrill Lynch and Morgan Stanley Dean Witter. "BankBoston has set the new benchmark for CLOs," said a syndicate official at Lehman in New York. "The deal was tremendously successful -- we took into account everything that investors want. The loan diversification is high, the portfolio shows as few losses as any of the other CLOs, and the whole deal is ERISA eligible. We will also be providing monthly collateral reports, as on a credit card deal."

MBNA International Bank, the UK arm of US credit card issuer MBNA, brought its seventh securitisation last Friday -- a £240m three year deal lead managed by Barclays Capital. "We started premarketing on Tuesday, and found demand in the mid-20s over Libor, but we wanted to do the full size deal and make it the success that MBNA is used to," said Richard Mann, syndicate director at Barclays.

* ING Barings has executed a $100m future flow securitisation of Visa voucher receivables for Banco de Crédito del Perú. The deal was privately placed earlier this month with a wrap from MBIA-Ambac International. The transaction has a 3.88 year average life and seven year legal maturity. It is backed by hard currency revenues that BCP earns from overseas banks, mainly in the US, for honouring Visa vouchers. The transactions arise when travellers to Peru use a credit or debit card.

GREENWICH NatWest this week brought the second securitisation of UK sub-prime mortgages for Ocwen Ltd, the subsidiary of US lender Ocwen Financial Corp, which acquired the UK business of City Mortgage Corp in April this year. City Mortgage issued six securitisations before its takeover, which all continue to perform, but its business practices were criticised by the Office of Fair Trading.

ROADCHEF, the UK's third largest operator of motorway service areas, this week launched a £210m bond secured on its assets, sole managed by Barclays Capital. Nikko Europe's principal finance group bought RoadChef for £175m in May this year -- the group's first acquisition since it was set up in 1997. RoadChef in turn paid £80m for two smaller competitors, Blue Boar and Take A Break, in July.

THE ASIAN Development Bank (ADB) has crowned an unexpectedly successful fundraising year with a final trio of deals that marks the completion of its $9.6bn funding requirement for 1998. Bankers argued that the realisation of the supranational's fundraising targets should be considered a remarkable achievement, given the negative credit perceptions with which it has had to battle all year.

CONCOR successfully completed its $53m secondary offering this week, giving the Indian privatisation process a much-needed shot in the arm. It also potentially opens the way for a VSNL offering before Christmas, despite the failure of the government to appoint an adviser following a controversial mandating exercise. The Warburg Dillon Read-led Concor issue closed 1.5 times subscribed, having priced at the government's target level of Rp250 per share. That represented an 11.5 times multiple to fiscal 1998 forecasted earnings, compared to a BSE Sensex average of 9 times and a multiple of 10 times for MTNL, 6.1 times for VSNL and 6 times for IOC.