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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.

Argentina ING Barings is back in the market with a financing for Argentine cable TV company Supercanal. The facility, which is split between a term loan and bridge facility to an ADR issue, is being offered to a small number of the borrower's core relationship banks.

* Caisse Centrale Desjardins du Québec

GAZPROM, which captured the headlines with its $2.5bn jumbo through Dresdner Bank Luxembourg SA earlier this year, is set to launch its latest $3bn jumbo to potential underwriting co-arrangers today (Friday). The latest facility, which has been anticipated by the market for some weeks, is being jointly arranged by Crédit Lyonnais and Dresdner Bank Luxembourg SA.

INDONESIAN STATE owned mining company Aneka Tambang (Antam) has finally announced a launch date for its scaled-down $150m to $250m privatisation, with pre-marketing to start at the beginning of next week. The deal will be pitched on a p/e range of 10 to 20 times 1998 earnings, using Australia's United Nickel and Western Mining of the US as benchmarks in the absence of any comparable Asian mining plays.

A NEW offering from Indonesia's debt-hungry Asia Pulp and Paper group has begun roadshows under lead manager Credit Suisse First Boston. Following sustained widening in Indonesian bond spreads, the deal is seen as a crucial test of investor appetite for high yielding Indonesian debt. The new issue, which should raise $500m in five and 10 year debt, is from PT Pindo Deli Pulp and Paper -- a majority owned vehicle of Singapore-incorporated APP.

THE FORTHCOMING flotation of Gulf Indonesia Ltd will be the first to encompass an Indonesian depositary receipt (IDR), marking a new stage of development for Indonesia's equity markets. Following a recent lifting of the 49% foreign share ownership ceiling, Indonesian stockmarket regulator Bapepam has given Gulf Indonesia -- a subsidiary of Gulf Canada -- the go-ahead to become the first foreign company with an overseas headquarters to list in Jakarta. Its domestic depositary receipt programme should be in place within six months of the company's New York listing later this month.