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Syndication of the $1.7bn one year revolving credit arranged for Morgan Stanley & Co International by Barclays and Chase Manhattan plc has been increased to $1.85bn. Signing is set for November 25 in London. Arranger Chase Manhattan plc and co-arrangers Barclays Bank plc, Christiania Bank og Kreditkasse and Westdeutsche Landesbank Girozentrale signed the $250m 364 day revolving credit at 20bp over Libor for Enron Corp and Enron Europe Ltd on November 14 by power of attorney.

THE RECAPITALISATION of the Italian banking sector is creating new investment opportunities for international fund managers, with the flotation of Banca di Roma due to be followed next week by a capital increase for Banco Ambrosiano Veneto (Ambroveneto). Banca di Roma and its principal shareholder, Iri, this week confirmed the terms of the bank's share offering on the international equity markets.

China ABN AMRO Bank has launched a $15m fundraising for Hebei International Trust & Investment Corp. The five year deal, with a three year put, offers an all-in spread to the put of 145bp for co-arrangers and 137bp for lead managers.

THE LARGEST ever securitisation of a single property succeeded triumphantly this week, as UK investors rushed to buy £555m of long dated bonds backed by rents on London's Canary Wharf office development.The transaction takes the rapidly expanding European securitisation market into new territory and underlines the enthusiasm of investors to buy asset backed product at a time of volatility in international debt markets. While the supply of plain vanilla bonds has virtually dried up in the last few weeks, the securitisation sector has provided a range of new issues across a variety of currencies and there are rumours of several large deals waiting in the wings.

* MBNA made another successful raid on the global asset backed market this week with an $832.5m three year deal launched by Merrill Lynch. MBNA Master Credit Card Trust II Series 1997-N came in two tranches: $765m of triple-A rated class 'A' notes paying 7bp over three month Libor, and $67.5m of subordinated notes with a 23bp margin. Both tranches were sold at par and are expected to mature in November 2000, with a two year tail.

BACOB issued its second residential mortgage securitisation to a rapturous reception from the Belgian domestic market last Friday. MBS-2 sold Bfr15bn of bonds at par, backed by Bacob fixed rate mortgages. The issue was lead managed by Bacob with a syndicate of seven European banks.

PARIBAS brought a Lit279.27bn securitisation of leasing receivables for two Italian leasing companies this week. BN Finproget, which securitised car and truck leases, is a subsidiary of the other seller, BN Commercio e Finanza -- which sold equipment receivables into the structure. Both companies are owned by Isveimer, a bank which has gone into voluntary liquidation as part of the reorganisation of the Banco di Napoli group.

BEAR STEARNS ushered First USA into the French franc market for the first time last Friday, but made few friends among its syndicate members in the process. The Ffr2bn seven year deal came in a single tranche, rated triple-A by Fitch, Moody's and Standard & Poor's. It was issued and re-offered at 99.584 with a 5.5% coupon to yield 27bp over the 6.75% October 2004 OAT.

* Korea's Ministry of Finance and Economics has waived the requirement for banks to seek approval before securitising certain dollar denominated assets. The change, which took effect on November 1, may speed up securitisations for Korea's merchant banks and leasing companies, many of which are facing a liquidity squeeze. Bankers Trust intends to take advantage of the relaxation to bring a $300m FRN backed by export bill receivables for one of the largest Korean banks.

THE FIRST IPO from Hong Kong to brave the stockmarket rout will be launched on an accelerated basis next week, with Crédit Lyonnais leading a 280m share offering for Lai Fung Holdings Ltd, the China property arm of the diversified conglomerate Lai Sun Development. Roadshows begin in Singapore on Monday and the Hong Kong IPO will open concurrent to roadshows in Hong Kong on Tuesday. Pricing is scheduled for Friday, with an 83%/17% split between international and retail investors.

DEUTSCHE Morgan Grenfell kicked off its roadshow this week for Indonesia's biggest stockbroking firm, PT Makindo Tbk, which plans to raise $100m through its IPO. Although it is one of the first deals launched since the IMF finalised its loan agreement with Indonesia two weeks ago, bankers are wondering why the company is listing in a battered market.

THE INDIAN government is poised to give the go-ahead for the formal launch of its ambitious privatisation of Mahanagar Telephone Nigam Ltd (MTNL), encouraged by initial indications of demand following two weeks of intensive pre-marketing, The result of a meeting between the leads -- Goldman Sachs, HSBC and Merrill Lynch -- the company and the government's core group on divestment are expected to be made public today (Friday), with early reports suggesting that the issue will bow to market sensitivity by scaling down its offering size. It had been hoped to raise up to $800m via a 107m share sale comprising 60m new and 47m existing shares, but finance ministry officials were saying late yesterday (Thursday) that the company's financing will be scaled back to 20m shares, with the addition of a 10m share greenshoe.