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The EuroCP market has enjoyed one of the most positive years in 2003. Investors' avoidance of the equity markets, especially over the first half, and their continued preference for low risk, short dated paper has made the EuroCP market a popular place. As the market heads towards the end of the summer lull, EuroWeek talks to three leading German borrowers - Heiki Schmidt of E.On's funding department, RWE's head of funding Georg Lambertz and Marco Vittek of Volkswagen's CP funding desk - about the market this year and their expectations for the coming months.

AVA is launching a Eu250m loan via mandated lead arrangers and joint bookrunners Commerzbank and Deutsche Bank. The three year revolving credit will pay Euribor plus 85bp.

Amount: ¥100bn

Peace Mark (Holdings) is sounding out banks for a HK$300m three year facility.

Barclays Capital, Crédit Agricole Indosuez, DBS Bank and State Bank of India have launched the $75m five year financing for Tata Sons.

The Eu1.4bn facility refinancing Valentia Telecommunications' buy-out of Eircom will be launched into general syndication next week.

Mandated lead arrangers Banca Intesa, Citigroup (joint bookrunner), Lehman Brothers (joint bookrunners) and Mediobanca have achieved a 30% oversubscription on the Eu925m senior debt supporting the LBO of Fiat Avio. About 13 banks have signed in on the deal.

Only one ABS transaction was priced in the UK market this week, when RBS Financial Markets launched a £207.5m securitisation for the Priory group of private mental healthcare providers.

Aviation Capital Group has launched the first airline operating lease securitisation since September 11, 2001 with a $1.03bn transaction, arranged by Wachovia Securities, that includes a guarantee from MBIA - the first time such a deal has been wrapped.

Rand Merchant Bank (RMB) has launched South Africa's first true sale securitisation of auto loans and leases, for BMW Financial Services.