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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.

THE spillover from the Asian currency crisis has brought to a temporary standstill Indian borrowers' plans to diversify into the 144A market, where spreads have widened by up to 30bp over the past few weeks. Engineering company Larsen & Toubro had been expected to lead the autumn pipeline to market with a $150m 10 year deal via Credit Suisse First Boston, its rating adviser. However treasury managers at the company said that the company is evaluating the situation.

One of China's leading Hi-Tech Development Zones will establish a new emerging markets financing template later this month with the sale of $105m of fixed rate 144A certificates, arranged by Cargill Investors Service and O'Brien Partners. The aim of the transaction is to finance infrastructure development in the already thriving Suzhou New District by circumventing the Chinese prohibition on municipalities issuing general obligation debt.

THE Kingdom of Thailand is facing a second Moody's downgrade in less than five months following an announcement by the ratings agency on Tuesday that it has placed the country's A3 rating under review. The review also encompasses seven sovereign rated banks -- Bangkok Bank, Export-Import Bank of Thailand, Government Housing Bank, IFCT, Krung Thai Bank, Siam Commercial Bank and Thai Farmers Bank.