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FRENCH non-bank finance company Comptoir des Entrepreneurs brought a Eu380m issue from its Vauban Mobilisations Garanties bankruptcy remote mortgage funding vehicle this week, lead managed by CDC Marchés and Dresdner Kleinwort Benson. VMG is a special purpose company that provides CdE with flexible access to the capital markets under a AAA rating from Standard & Poor's. CdE transfers mortgages into fonds communs de créances (French securitisation vehicles), which issue senior and junior units.

* Greenwich NatWest is marketing a Eu229m securitisation of apartment block rents for Compagnie Vauban, a French property company owned by Vauban SA of Belgium. The firm is unconnected with Comptoir des Entrepreneurs' funding vehicle Vauban Mobilisations Garanties.

NHP, the UK company that finances operators of homes for the elderly, will today (Friday) launch a £265m securitisation of its rental incomes, lead managed by Merrill Lynch and JP Morgan. The UK government is increasingly using private sector nursing homes to provide care for old people who can no longer look after themselves. Several companies have begun to offer finance for the operators of such homes through sale and leaseback agreements, financed by securitisation.

HYPOVEREINSBANK's Eu2.22bn collateralised loan obligation Geldilux 99-1 marked a new departure for the asset class this week, combining structural advances made by a number of previous issuers with some novel features. Geldilux is most closely comparable to Credit Suisse First Boston's $2.5bn Triangle 2 transaction, launched last September. Triangle 2 is delinked from CSFB's rating, since bond proceeds never reach the bank's balance sheet, but are held in the issuing vehicle and invested in US Treasuries.

A fundamental intuition provided by the Black-Scholes model is the principal of no arbitrage and the use of risk-neutral valuation for pricing derivative instruments.

THE ASIAN Development Bank kicked off its 1999 funding programme in style this week with the launch of an NT$10bn ($310m) three tranche bond deal, the largest ever issue by a non-Taiwanese entity in the domestic bond market. The issue is first time that the ADB has returned to Taiwan since December 1996, and also marked the first from the island republic since the government suspended supranational issuance early last July for fear of speculative pressure against the currency through the swap market.

THE SPATE of first quarter securitisations from Japanese equipment leasing and consumer finance companies began in earnest last Friday, and continued this week. Squeezed by Japanese banks' unwillingness to lend, non-bank finance companies with healthy assets are eager to raise capital from new investors before the fiscal year end on March 31.

THE MASS Transit Railway Corporation (MTRC) reopened the international debt markets for Hong Kong credits yesterday (Thursday) with the company's first ever global bond. Led by Goldman Sachs and Merrill Lynch, the increased $750m 10 year transaction was priced at 99.584 to yield 287.5bp over Treasuries, the tight end of its indicative range, but at the wide end of market expectations.

China The China Securities Regulatory Commission is set to change IPO rules to give issuers and underwriters greater freedom in making decisions in the domestic market. Analysts said the move was intended to allow companies to price at levels that were more appropriate to their business, rather than forcing a norm across a variety of industries.

THE INDEPENDENT State of Papua New Guinea is considering turning to the capital markets for financing to help bridge a projected budget deficit of 2.9% for the 1999 fiscal year. Deputy prime minister Iairo Lasaro told Euroweek that a government delegation is currently in Australia with the aim of canvassing the banking community for possible options.

THE REPUBLIC of the Philippines has finally ended speculation about the composition of syndicate places for its forthcoming euro-denominated bond, when it issued an official announcement yesterday (Thursday). Officials confirmed that, while the original joint lead managers JP Morgan and Warburg Dillon Read will retain their status, they will also now be joined by Deutsche Bank and Goldman Sachs -- which have been assigned joint lead roles.

INVESTORS flocked to Winbond's successful debut GDR issue this week with the Taiwanese electronics giant raising $171.75m. But despite its eventual success, the sale stirred up a hornets nest of complaints from syndicate members who labelled it the worst co-ordinated Asian equity deal in recent history. Winbond is widely admired as a strong player in the DRAM industry and the deal was three times oversubscribed. ABN Amro had sole books and was joint lead manager on the transaction with Lehman Brothers. ING Barings was senior co-lead with CIBC, Jardine Fleming, Paribas and SG co-lead managers.