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DEPFA BANK will take the concept of the jumbo Pfandbrief to a new level next week when it launches the first issue off its new global Pfandbrief programme. Under the global Pfandbrief programme, DePfa will launch benchmark issues -- tagged 'DePfas' -- at regular intervals of at least DM3bn in size. Issuance will be concentrated on the benchmark maturities of five, seven and 10 years.

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THE DOLLAR primary market continues to rattle along at breakneck speed, with an additional $10bn of fixed rate issuance launched across maturities from two years to 10 years this week. The heaviest congestion was felt in the 10 year area, where $1.75bn was issued. Although the lead underwriters of these transactions cited an increase in demand for the longer dates, most bankers remained sceptical that such deep demand existed.

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L-BANK, Südwestdeutsche Landesbank and Landesgirokasse announced this week that the three Baden-Württemberg based banks intend to merge from January 1 1999 to form a single public law institution -- Landesbank Baden-Württemberg -- which is intended to enhance their presence in the international financial markets. A merger of the institutions has been on the agenda for many years, but impending monetary union has persuaded what will be the owners of the new bank -- the state of Baden-Württemberg, the Savings and Giro Associations of Baden and Württemberg and the city of Stuttgart, the state capital -- to grant approval, in the hope of strengthening the region as a financial centre and improving the competitiveness of the three banks.

FRENCH WELFARE debt repayment fund Cades this week made a triumphant start to its 1998 funding programme with the Ffr8bn first tranche of a euro-fungible transaction that should eventually total around Eu3bn by January 1999.

FRENCH WELFARE debt repayment fund Cades this week made a triumphant start to its 1998 funding programme with the Ffr8bn first tranche of a euro-fungible transaction that should eventually total around Eu3bn by January 1999.

HYPOTHEKENBANK in Essen, the second largest Pfandbrief issuer in Germany, is planning to set up a Euro-MTN programme towards the middle of the year as part of its efforts to position itself in the international markets ahead of Emu. The facility is expected to be for Ecu10bn. The mortgage bank will be following the example of Rheinhyp, which last year signed the first programme by a German Hypothekenbank which allowed for the issuance of secured as well as

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BAYERISCHE Landesbank (Balaba) this week became the latest bank to fall victim to fallout from the Asian crisis as Fitch IBCA placed its individual rating of B on RatingWatch with negative implications. The rating agency will conduct a detailed review of the bank's exposure to southeast Asia before deciding on further action. Balaba's long term triple-A rating has been affirmed.

* Crédit Local de France