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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.

* South Korea's Kyonggi Province has launched a ¥11bn Samurai via Daiwa. With a five year maturity, the AA+ JBRI-rated deal was priced at par with a semi-annual coupon of 2.1%. Fees totalled 40bp, split 5bp managers, 5bp underwriters and 30bp selling, with underwriters comprising Kokusai, LTCB, New Japan, Nomura, Yamaichi, Fuji, Kankaku, Merrill Lynch, Sakura, Sanwa, Tokyo-Mitsubishi and Universal.

Securitisation officials at investment banks in Asia are focusing on Korea as currency volatility has made swaps from south-east Asian currencies impractical. The first three Korean securitisations are likely to be for Saehan Merchant Bank and Hansol Merchant Bank, both through ING Barings, and for LG Merchant Bank via Chase.

BANK Universal, a subsidiary of Indonesian conglomerate Astra, confounded market expectations this week by ploughing ahead with its 250m share flotation in the face of a volatile currency market which continues to undermine the country's banking sector and cast a cloud over the Jakarta stockmarket. Priced at Rph675 per share, against a pre-marketed level of between Rph750 and Rph950, the SBC Warburg-led deal came at a discount to the Indonesian banking sector, achieving a p/e ratio of 8.2 times 1998 earnings.

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.