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FORD Motor Credit Company this week launched a DM1bn asset backed FRN via JP Morgan -- successfully inaugurating Globaldrive, its tailor made international securitisation vehicle. In preparation since the start of the year, the newly unveiled programme is the first of its kind in Europe, enabling the company to securitise a range of assets from a variety of jurisdictions.

WESTPAC will early next week launch a $517m securitisation of Australian residential mortgages in its first venture into international asset-backed markets. Launched via special purpose vehicle Westpac Securitisation Trust Series 1997-4E, the issue will be piloted by JP Morgan (books), and SBC Warburg and Morgan Stanley/Westpac as co-leads.

BANK OF Tokyo-Mitsubishi executed its second CLO this year with an array of Eurobonds in four currencies, totalling $1.7bn. The bank aimed to follow its pilot Wizard Finance transaction, which blew out in June, with a large liquid deal which would become the benchmark for Japanese loan securitisations.

CRÉDIT Lyonnais will launch Cyber-Val 09-97 next week, running the books jointly with Merrill Lynch and JP Morgan. The Ffr40bn transaction will equal the record achieved by the first Cyber-Val deal in July 1996, which was the largest ever non-government bond. Crédit Lyonnais delayed announcing the mandate by about two weeks as it waited for Germany's Bundesaufsichtsamt fur das Kreditwesen to accord the deal a risk weighting. This week the bank could wait no longer, though it still hopes the regulator will reach a decision before the launch.

DAIWA Europe is on the verge of launching a ¥50bn securitisation of apartment loan receivables for Hokkaido Takushoku Bank. The deal will achieve a triple first for Japan. It is the first public transaction backed by apartment loans, and the first time that a bank has securitised retail assets.

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.

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.

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.

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.