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ING Barings has launched £300m of mortgage backed securities via Residential Property Securities No 5, adding much need supply to a sparse UK market. The notes are backed by a pool of first ranking mortgages on properties in England and Wales originated by Bank of Ireland Home Mortgages Limited (BIHM).

* Goldman Sachs and LTCB brought a rare Eurobond backed by Japanese leasing receivables on Tuesday to a warm reception from European and Asian investors. The $250m deal from SPV Turquoise Funding Corp No 2 securitises performing equipment lease revenues of Japan Leasing Corp. Priced at par, the bonds pay 14bp over one month Libor to their maturity on October 3, 2002. Pass-through amortisation gives them a weighted average life of 2.3 years. The senior bonds, rated triple A by Moody's and Standard & Poor's, are backed by a subordinated class held by a subsidiary of the originator.

* South Korea's Kyonggi Province has launched a ¥11bn Samurai via Daiwa. With a five year maturity, the AA+ JBRI-rated deal was priced at par with a semi-annual coupon of 2.1%. Fees totalled 40bp, split 5bp managers, 5bp underwriters and 30bp selling, with underwriters comprising Kokusai, LTCB, New Japan, Nomura, Yamaichi, Fuji, Kankaku, Merrill Lynch, Sakura, Sanwa, Tokyo-Mitsubishi and Universal.

Securitisation officials at investment banks in Asia are focusing on Korea as currency volatility has made swaps from south-east Asian currencies impractical. The first three Korean securitisations are likely to be for Saehan Merchant Bank and Hansol Merchant Bank, both through ING Barings, and for LG Merchant Bank via Chase.

BANK Universal, a subsidiary of Indonesian conglomerate Astra, confounded market expectations this week by ploughing ahead with its 250m share flotation in the face of a volatile currency market which continues to undermine the country's banking sector and cast a cloud over the Jakarta stockmarket. Priced at Rph675 per share, against a pre-marketed level of between Rph750 and Rph950, the SBC Warburg-led deal came at a discount to the Indonesian banking sector, achieving a p/e ratio of 8.2 times 1998 earnings.

THE prospective new benchmark bond offering for the People's Republic of China was put on hold earlier this week after the government and lead managers decided that spreads had not tightened sufficiently to justify an immediate launch. Although the market had already begun to move back in the right direction, the republic was looking for at least another 15bp contraction before it would consider re-launching the deal.

Korea's equity market did not pass one of the first key tests of its autumn issuance calendar yesterday (Thursday), as a benchmark $200m convertible from telecoms operator Dacom failed to be priced on schedule. Bankers said that the large size of the offering, combined with poor market conditions, aggressive pricing and an unappealing equity story, conspired against the Dresdner Kleinwort Benson and Dongwon Securities-led issue, which closed with books said to be only half full.

THE autumn pipeline of equity deals from China got off to a flying start this week with the successful completion of the largest ever 'B' share issue from the mainland. Led by BZW, the innovative split structure transaction for Zhejiang Power was priced yesterday (Thursday) near the top end of its indicative range, with the book comfortably oversubscribed.

THE pipeline of issues from Taiwan is set to provide a key test of the maturity of the Asian convertible market this autumn as it becomes increasingly dominated by unusual and innovative structures. While the rest of the region falters from the fall-out of the Asian currency crisis, Taiwan has to date remained relatively immune to the problems.

PHILIPPINE Long-Distance Telephone Company (PLDT) plans to make its second debt issue this year within the next few weeks. The country's benchmark corporate borrower has mandated Citicorp, with which the group has long had a close relationship, for a $100m-$150m equivalent bond issue.

THE spillover from the Asian currency crisis has brought to a temporary standstill Indian borrowers' plans to diversify into the 144A market, where spreads have widened by up to 30bp over the past few weeks. Engineering company Larsen & Toubro had been expected to lead the autumn pipeline to market with a $150m 10 year deal via Credit Suisse First Boston, its rating adviser. However treasury managers at the company said that the company is evaluating the situation.

One of China's leading Hi-Tech Development Zones will establish a new emerging markets financing template later this month with the sale of $105m of fixed rate 144A certificates, arranged by Cargill Investors Service and O'Brien Partners. The aim of the transaction is to finance infrastructure development in the already thriving Suzhou New District by circumventing the Chinese prohibition on municipalities issuing general obligation debt.