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* General Electric Capital Corp Rating: Aaa/AAA

* Baden-Württemberg L-Finance NV Guarantor: L-Bank

Italian lire * Deutsche Finance (Nederlands) BV

* Bank Nederlandse Gemeenten Rating: Aaa/AAA/AAA

* Südwestdeutsche Landesbank Capital Markets plc Guarantor: Südwestdeutsche Landesbank Girozentrale

* Credit Local de France Rating: AA+/Aa1

Deutschmarks * Bremer Landesbank Finance (Curaçao) NV

* SNS Bank Nederland NV Amount: Dfl 500m

Emerging markets commentary Compiled by ANZ Investment Bank, London. Contact: Jerome Booth, tel: +44 171-378 2959

* Argenta Nederland NV Guarantor: Argenta Banque d'Epargne SA

THE Airplanes Group has filed with the SEC for a $850m bond, intended to refinance part of a $4bn securitisation of aircraft leases for GPA. Lead managed by Morgan Stanley, with Lehman Brothers and Salomon Smith Barney as co-leads, the bonds form the first part of the planned refinancing schedule of the Airplanes securitisation, the deal that brought aircraft leasing company GPA back from the brink of bankruptcy in March 1996. To be launched by March 16, the bonds will refinance a 'class A' double A rated two year soft bullet floating rate note; although the SEC registration bars GPA and Morgan Stanley from discussing terms of the refinancing, it appears the company and its advisors have a wide range of options open to them.

* Bayerische Vereinsbank AG Rating: Aa1