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HVB Group is planning to float 25% of Bank Austria Creditanstalt (BA-CA), just 2-1/2 years after it bought the Austrian bank for Eu7.8bn. The German bank was forced into the embarrassing decision after shareholders reacted badly to its leaked plan to raise up to Eu4bn through a mandatory convertible.

Amount: Eu150m (fungible with Eu850m issue launched 20/02/03) Maturity: March 20, 2008

Syndication of the Eu200m three year multi-currency term loan for Bunadarbanki Islands is under way. Mandated arrangers BayernLB, DZ Bank, Nordea and Sumitomo have asked for all commitments to be in by April 9.

ICI is self arranging a $750m facility. The borrower has requested that its relationship banks commit around $100m each. Banks already committed to the loan are Barclays, Citigroup/SSSB, HSBC, JP Morgan, Mizuho and Royal Bank of Scotland, say bankers. A number of other relationship lenders are also looking at the loan.

Mandated arranger Royal Bank of Scotland has launched the debt facilities backing the construction of the Bizkaia Energia Power Project in Amorebieta near Bilbao into general syndication. Irish based ESB International is the main sponsor. Banks have been invited to participate as arrangers taking Eu40m for 90bp on the long term tranches or 25bp on the short term pieces, as senior co-arrangers taking Eu30m for 75bp and 20bp on the long and short term tranches respectively, as co-arrangers committing Eu20m for 65bp and 15bp respectively or as lead managers Eu15m for 55bp or 10bp.

Amount: ¥35.1bn Legal maturity: March 2010

Arrangers Barclays, Crédit Lyonnais, HSBC, State Bank of India and RZB Austria signed the $75m five year credit for Indian Railway Finance Corp on March 26. The arrangers took $13.5m apiece. General syndication attracted just one bank, National Bank of Kuwait, which joined as a participant with a $6m ticket.

Rating: Aaa/AA+/AA+ Amount: $100m (fungible with $750m issue launched 15/10/02)

JP Morgan has released price talk for the £210m whole business securitisation for funeral services provider Dignity Caring Funeral Services. The single-A £110m senior tranches will be priced in the 155bp-175bp area over Gilts, while the £100m tranche, rated triple-B, will come in the 275bp-295bp over area.

BNP Paribas launched a £132.5m securitisation this week of the UK's first PFI hospital. The deal refinances bank debt which funded the construction of the Darent Valley hospital in Dartford. The Hospital Company (Darenth) Ltd (THC) is responsible for building, maintaining and providing non-clinical services to the hospital. The hospital company is owned by a holding company comprising Barclays Infrastructure Ltd (30%), construction firm Carillion (30%), Innisfree PFI Fund (30%), and United Medical Enterprises Investment Co (10%).

Credifarma, a finance company for Italian chemists, this week completed its Eu570m securitisation of pharmacy loans via Banca Nazionale del Lavoro and UniCredit Banca Mobiliare. Arranged by Euro Capital Structures, the deal is a rare Italian consumer deal, with a unique concentration in the pharmacy sector.

The Italian RMBS sector welcomed a new issuer to market this week as BNP Paribas closed a securitisation for regional bank Banca delle Marche. The group was formed by the merger of three small savings banks in 1994. Since then it has swiftly grown, increasing its mortgage book by 22% in 1999 and 16% in 2001. Its growth has been funded largely through public and private medium term note and tier two capital issues.