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SANWA BANK launched its ¥75bn Delphi Ltd securitisation of Japanese corporate loans this week. Sanwa Securities had preplaced the deal's four subordinated tranches in Japan, but Sanwa International found the European targeted senior note a harder sell. "The bond is nearly all sold, and what is left will go in the next few days," said a securitisation official at Sanwa International in London. "The sale has not been easy - there was some resistance to Japanese risk - but Sanwa was prepared to price a few basis points wider if that was all it took to get the deal done."

ABN AMRO ROTHSCHILD and CDC Marchés have priced the French government's privatisation sale of shares in Caisse Nationale de Prévoyance (CNP), the state-controlled insurer. The $1bn deal is the first major share offering to overcome the recent turmoil in world stockmarkets and was seen by investment bankers as an encouraging ray of hope in the generally bleak conditions.

GENERAL syndication of the £1.5bn five year revolving credit for Royal & Sun Alliance will close today (Friday). All indications point towards a successful retail phase with about 10 banks joining at this level.

Market commentary Compiled by Tawanda Nyandoro, RBC DS Global Markets, London. Tel: +44 171-653 4870

* L-Bank Rating: Aaa/AAA

GLOBAL co-ordinators Warburg Dillon Read and JP Morgan are on course to complete the sale of stock in Swisscom next weekend. Given the appalling market conditions, the leads' success in pulling together an extremely strong book of orders has drawn warm applause from the market. The Swisscom IPO is likely to be the first in a long queue of telecom deals scheduled for the rest of the year - including NTT DoCoMo, Mobistar, TPSA and OTE. But strategists believe there is still keen demand for the sector.

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* Statoil Rating: Aa2/AA+

* KfW International Finance Inc Guarantor: Kreditanstalt für Wiederaufbau

A £140M PLACING for Telewest Communications, the UK cable television group, has been postponed after lead manager Credit Suisse First Boston was unable to reach an acceptable price for investors and the vendor, French utility group Vivendi. Vivendi is reported to have approached several investment banks with a view to completing the placement of a chunk of Telewest stock. CSFB won the deal on the basis that the bank had been discussing the placement with the vendor for some time.

UNITED BANK Of Switzerland has announced that it expects to record a third quarter loss of between Sfr500m and Sfr1bn, largely as a result of the emerging market crisis and the ensuing volatility in global stock markets. Its involvement with troubled hedge fund Long Term Capital Management also features strongly in the prognosis.

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