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Kuwait The $1.2bn refinancing being sought by Equate Petrochemical Company through arrangers and underwriters Arab Banking Corp, APICORP, Chase Manhattan plc, Citibank International plc, Gulf International Bank, Gulf Investment Co, Kuwait Finance House, JP Morgan Securities Ltd and the National Bank of Kuwait has been a resounding success in syndication.

Ghana BZW and NM Rothschild & Sons have quietly arranged a $70m project finance facility for the Abosso Gold project in Ghana being developed by Ranger Minerals NL.

CREDIT LYONNAIS, JP Morgan and Merrill Lynch sparked a feeding frenzy this week with a Ffr40bn ($6.7bn) deal for Cyber-Val 09/97 -- by far the largest single bond ever to hit the Euromarkets.

* Banque Générale du Luxembourg SA Amount: Lfr2bn subordinated debt

* CSFB's securitisation of its corporate loan book, which is due to start roadshowing on October 6, will be a credit-linked notes structure, with at least one significant diffference from SBC Warburg Dillon Read's pioneering Glacier Funding transaction, completed earlier this month. * NatWest's second securitisation of corporate loans, via Rose Funding II, may be launched as early as next week. Few details are known, other than that it will closely follow the template of the $5bn Rose I.

NOMURA is set to continue its remarkable string of securitisations with the parcelling up of cashflows from UK public houses. No details are yet available, but the financings may be in two separate stages. The first securitisation will likely be a refinancing of a November 1995 bond which parcelled up cashflows from the Phoenix Inns estate. The second transaction looks set to be a securitisation of part of a pub estate the bank announced it was buying this week.

Societe Générale has brought the first tranche of a trail-blazing securitisation of local government subsidies for five universities in the Spanish autonomous community of Valencia. Apart from offering a possible template for future university revenue backed securities across Europe, the deal offers the first peseta paper at 25 years, in a market where the longest government bond is 15 years. The triple-A guarantee from MBIA-AMBAC International is also the first use of a monoline wrap in the Spanish primary market.

WESTPAC has launched a $517m mortgage-backed security, its first international securitisation and only the second to emerge from Australia. Some critics said the bond was too aggressively priced and a number of well-known accounts declined to participate, but most market players agreed with the lead managers that the deal proved a successful debut.

JP MORGAN brought a collateralised bond obligation to the Euro-144A market on Wednesday in what could be the beginning of a CBO mini-boom. The deal, through special purpose vehicle Worldlinx CBO Ltd, comprised $207m of FRNs paying 40bp over six month Libor, with an expected maturity on October 1, 2007. The senior notes, rated Aa2 by Moody's, amortise from 2002, giving an average life of eight years.

THE LATEST offering from Lehman Brothers' capacious Sasco shelf was greeted rapturously by the Euro-144A market on Monday. Structured Asset Securities Corp Series 1997-C1 sold $1.291bn of public bonds backed by commercial real estate loans. Lehman in London reported a four to five times oversubscription.

GOLDMAN Sachs added to the CLO torrent this week with a $2.66bn securitisation of US corporate loans for the Long-Term Credit Bank of Japan. The deal was filed for registration with the SEC on July 23, but Goldman Sachs and LTCB decided to place it under rule 144A before the application was passed. Like NationsBank's deal two weeks ago, the structure follows the credit card master trust pattern, with a true sale into a bankruptcy remote special purpose vehicle called Platinum Commercial Loan Master Trust.

THE FLOW of US issuers into offshore markets continued this week as Bank of America made its sterling credit card securitisation debut. The £400m of triple A-rated five year paper, brought by Salomon Brothers and six co-leads, was the first fixed rate credit card security to be issued in the currency. Sold on Wednesday through special purpose vehicle BA Credit Card Corp Ltd Cayman Islands Series 1997-1, the bonds pay a coupon of 7.125%. The transaction was priced at 99.729 to yield 38bp over the 7% June 2002 Gilt.