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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.

EQUIPMENT lease securitisations for Korea's Saehan Merchant Bank and Hansol Merchant Bank will definitely go ahead this year, an official at ING Barings said. "We are a few weeks away from market readiness, but we will definitely be ready if and when spreads come in," the official said. "Korean paper is trading about 200bp wider than its usual level, but the deals will be cost effective even if the market does not improve.

MONOLINE insurers MBIA and CapMAC have announced they are in discussions over a possible merger, in a move which most observers agree contains powerful logic. While it would be oversimplistic to view the possible tie-up as a marriage of brain and brawn, the two insurers bring complementary strengths -- and weaknesses -- to the table.

* ANZ has joined the swelling ranks of banks establishing a London-based securitisation capability, hiring Richard Downer and, as reported in Euroweek last week, Nick Hamilton. Both come from NatWest Markets' securitisation group, with Hamilton heavily involved in the sale of the bank's ROSE 1 corporate loan-backed security and Downer active in structuring a range of mostly UK securitisations.

* ING Barings has a mandate to prepare a securitisation of export receivables for PT Riau Andalan Pulp & Paper of Indonesia. * Morgan Stanley Dean Witter will soon launch around $250m of ABS for Japan Leasing Corp through a new SPV, Jupiter Funding. The notes have a preliminary Aaa rating from Moody's.

NATWEST Markets and Schroder this week brought the first bond to finance a hospital project under the UK's Private Finance Initiative (PFI). Health Management (Carlisle) plc (HMC) issued £75.8m of 30 year amortising bonds paying 7.181%. The deal is rated triple-A by Moody's and Standard & Poor's, courtesy of a guarantee from MBIA Assurance SA of Paris through the MBIA-AMBAC International joint venture.