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THE BASLE COMMITTEE on Banking Supervision yesterday (Thursday) outlined plans for a new capital adequacy regime that would radically change the shape of bond markets, hitting lower rated borrowers' access to funding while rewarding higher quality credits.

* UK catalogue retailer Great Universal Stores will bring the second tranche of its £800m auto loan securitisation next week. ABN Amro placed £400m of the assets through one of its asset backed commercial paper conduits earlier this year. Next week Merrill Lynch will form a syndicate to sell £380m of bonds with a 4.1 year average life through Automobile Receivables Trust No 1. The deal will be rated triple-A by Moody's and Standard & Poor's on the basis of a subordinated tranche, likely retained by GUS. Market participants expected the deal to price between 25bp and 28bp over three month Libor.