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* Landesbank Sachsen Girozentrale Rating: Aa2/AAA (Moody's/IBCA)

THE APPETITE for reverse convertibles seems insatiable, even amid the brutal climate of stockmarket volatility. A slew of small to medium sized deals was launched this week to the August 6,usual warm reception given August 6, to the bonds by the same continental European retail investors that have supported the growth in this market for the last few months. According to one specialist salesman: "Current yield is a particularly important factor in the success of these deals. Greater protection from downside is also of more significance than upside potential and that is exactly what is on offer here."

GERMAN software producer SAP chose an unfortunate week to list its shares in New York as the US market was rocked by nervous investors fearful of the combined impact of continued US dollar strength, a prolonged crisis in Asia and pessimism over corporate earnings. The listing was co-ordinated by Goldman Sachs and Morgan Stanley Dean Witter and, at $70bn, established the group as the largest software company by market capitalisation to reach the big board.

Iceland Den Danske and Landesbank Kiel have launched general syndication of the $75m facility for Islandsbanki. The five year multicurrency revolver carries a margin of 16.5bp over Libor and a commitment fee of 8.25bp.

* Helaba Finance BV Guarantor: Landesbank Hessen-Thüringen Girozentrale

* Alliance & Leicester Group Treasury plc Guarantor: Alliance & Leicester plc

* Merrill Lynch & Co Rating: Aa3/AA-

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ABN AMRO Rothschild and ING Barings have been nominated as the lead managers of the $100m sale of shares in the Dutch computer software manufacturer and consultancy, TAS Groep. The company is privately owned and will be raising new equity to finance expansion, as well as a secondary sale of stock.

* After 10 years on Merrill Lynch's syndicate desk, Simon Potter has joined the firm's secondary market desk to trade Eurobonds denominated in European currencies. Potter is replaced by Ernie Bates, who has joined Merrill's London syndicate desk from the firm's trading operations in New York and more recently Hong Kong. He has been with Merrill Lynch for five years.

ONE OF Italy's leading food processing companies, Cirio, launched its first securitisation this week with a Lit140bn five year trade receivables deal sole managed by Merrill Lynch. "Cirio has been expanding, its equity has performed very well, and it needs finance for further growth," said a structured finance official at Merrill Lynch in London. "With this deal the company can improve its balance sheet by liquefying assets and retiring some short term debt. At this maturity, the cost of funds compares favourably with Cirio's traditional lenders, the Italian banks."

CANADIAN equipment finance company Newcourt Credit Group this week revealed details of its first securitisation of non-North American assets, a £175m deal to finance expansion in the UK. Newcourt treasurer Glenn Votek said a confidentiality agreement prevented him naming the bank that arranged the financing at the end of June. However, market sources said First National Bank of Chicago placed the assets in its International Securitization Corp US asset backed commercial paper conduit.