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RBS Financial Markets this week completed a £135m bond to finance the sale of Moyle Interconnector, the electricity interconnector between Scotland and Northern Ireland, to Moyle Holdings Ltd, a company financed entirely by debt. The deal is a rare hybrid of project financing and regulatory, structured debt. It recalls the structured finance techniques seen in the UK water sector, and in particular the £2bn bond closed by Citigroup and RBS in May 2001 for Glas Cymru.

JP Morgan and joint lead RBS Financial Markets last Friday brought a new asset class to the European market with a whole business securitisation for UK funeral services provider Dignity Caring Funeral Services. Dignity is the second largest funeral services provider in the UK, after the Co-operative Group, with a 12% market share. After local authorities it is the largest provider of cremations.

Duke Street Capital Debt Management, a subsidiary of private equity firm Duke Street Capital, returned to the leveraged loan market this week with its second collateralised debt obligation of European leveraged loans. Arranged by CIBC World Markets and SG, Duchess 2 CDO was originally intended to match the group's first issue, closed in June 2001 by CIBC for Eu750m. That deal was also later tapped by CIBC to total Eu1bn.

Scott Ulm, head of European debt capital markets at Credit Suisse First Boston in London, quit his position earlier today. Ulm, who joined CSFB in 1986, has held several major roles including, head of credit structuring in Europe, co-head of U.S. debt capital markets and head of asset-backed securities, according to CSFB watchers. Ulm did not return calls and CSFB officials declined comment.

Owens Corning was softer again this week as the company began litigation in the confirmation of its plan of reorganization on Tuesday. The bank debt was a few points weaker at 64-67, according to traders. No trades could be confirmed. "Owens Corning has been on again and off again and now it's off again," said one buysider, noting that the market for the company's bank debt has been volatile throughout the bankruptcy process. According to company filings, disagreements raised by creditors concerning the plan will be addressed by the litigation as a part of the confirmation process. Calls to counsel representing Owens Corning were referred to a spokesman, who did not return calls by press time.

BondWeek is the leading news publication for fixed-income professionals, covering new deals, structures, asset-backed securities, industry and market activity.

BondWeek is the leading news publication for fixed-income professionals, covering new deals, structures, asset-backed securities, industry and market activity.

BondWeek is the leading news publication for fixed-income professionals, covering new deals, structures, asset-backed securities, industry and market activity.

BondWeek is the leading news publication for fixed-income professionals, covering new deals, structures, asset-backed securities, industry and market activity.

BondWeek is the leading news publication for fixed-income professionals, covering new deals, structures, asset-backed securities, industry and market activity.

BondWeek is the leading news publication for fixed-income professionals, covering new deals, structures, asset-backed securities, industry and market activity.

BondWeek is the leading news publication for fixed-income professionals, covering new deals, structures, asset-backed securities, industry and market activity.