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Denmark Euroweek hears early reports that Den Danske Bank has been quietly arranging a rare foray into the market for a Danish borrower.

THE Industrial Bank of Japan is in the initial stages of launching syndication of the £230m completion guarantee facility backing the Autolink consortium's innovative financing package for the new M6 motorway. The major elements of the long term financing package being put in place for the project by sponsors Amey plc, Sir Robert McAlpine (Holdings) Ltd, Taylor Woodrow Construction Ltd, Barr Holdings Ltd and Innisfree PFI Fund have already been completed. These comprise a successful £124.8m 8.39% secured FSA-backed bond issue led by Morgan Stanley in April and a £68.9m five part EIB facility.

* Holland Chemical International has completed its combined primary and secondary stock offering, pricing the new shares yesterday (Thursday) at Dfl 37. The final price was towards the low end of the indicated range of Dfl 36-Dfl 40, reflecting the need to compensate investors for the volatility and downward trend of stockmarkets this week.

Bahrain Bahrain International Bank is making its debut in the syndicated loan market for a $75m facility.

STANDARD Bank London Ltd has quietly arranged an innovative $75m foray into the syndicated loan market for Liverpool-based Meredith Jones funding the purchase of cotton from Uzbekistan. The facility, which is structured with 90% Uzbekistan risk, has been an outstanding syndication success with $133m raised so far and more to come.

China The term loan arranged by HSBC Investment Bank and Société Générale Asia for State Development Bank of China closed oversubscribed and was signed this week. It was increased to $220m from $190m.

CITISECURITIES launched an A$168.2m securitisation of Citibank mortgages in the Australian domestic market this week. The deal has a nine year expected maturity, and offers A$163m of class 'A' notes with an average life of 3.1 years, rated triple-A by Moody's and Standard & Poor's. The bonds will be priced between 24bp and 26bp over the one month bank bills swap rate on Thursday November 6. The senior notes are supported by A$5.2m of 'B' paper rated AA- by Standard & Poor's, with a 7.8 year average life. The indicative price range for the subordinated tranche is 39bp to 43bp over the BBSW.

TWO internationally targeted US credit card securitisations blew out this week as investors rushed for safe floating rate investments. Discover Credit Card Master Trust 1 Series 1997-4 came last Friday with a $500m senior class which was increased to $700m and then $750m, and was still oversubscribed.

DAIWA Europe launched Hokkaido Takushoku Bank's long awaited ¥32bn securitisation of apartment loan receivables this week, rated triple-A by NIS and Standard & Poor's. Launched through Cayman Islands special purpose vehicle Auroral Genesis Ltd, the floaters have a legal maturity in November 2015, an expected maturity in November 2004, and an average life of 3.2 years.

GENERALE Bank has successfully sold its debut mortgage-backed security against the background of volatile bond markets. "The issue went very well," said a syndicate official at Generale Bank. "It was more than three-and-a-half times oversubscribed."

HAMBROS Bank launched a fourth tranche of bonds backed by UK housing association rents this week for special purpose vehicle Haven Funding plc. The £46.3m fungible issue brings outstandings on Haven's 40 year bond to £211.1m. Haven is rated Aa3 by Moody's and AA- by Standard & Poor's and pays a coupon of 8.125%. This deal was priced at 110.6521 to yield 80bp over the 8% 2021 Gilt -- 7bp wider than the last tranche, issued in July.

BANCO Santander's sixth residential mortgage securitisation was launched in London and Madrid this week, at Pta42.675bn. Fondo de Titulización Hipotecaria Hipotebansa VI offered triple-A rated senior bonds, divided into Pta34.675bn marketed internationally by UBS and Pta8bn sole managed in the domestic market by Santander.