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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.

Troubled Colombian airline Avianca is challenging in a New York court a 1997 future flow securitisation of its credit card receivables. Avianca, the world's oldest airline, filed the suit last Friday at the same time as it filed for Chapter 11 bankruptcy protection.

Dresdner Kleinwort Wasserstein has hired Zach Tuckwell, head of European equity portfolio trading at Merrill Lynch, in a similar role in London, and expects to announce up to 10 additional hires in the group in New York, Tokyo and London. Dresdner is finding more demand for portfolio trading and is opportunistically building its presence, according to an official familiar with the plans. Tuckwell will report to Tim Clorite, global head of portfolio trading. Clorite referred calls to the press office. Louise Beeson, spokeswoman at Dresdner in London, did not return calls at press time.

AES Corp. bank debt got a slight boost from the news that the company has reached agreements to conduct three asset sales that will provide approximately $327 million in proceeds. The company's "B" piece was quoted in the 97 3/4-98 1/2 context, up from the 96 1/2 -97 1/2 range after the news. AES has already received cash proceeds of $25 million from the sale of its Mountainview Power equity interest. It will receive another $5 million on April 15 and $20 million if certain project milestones are achieved. The other two transactions are expected to close by the end of the third quarter, if not before. AES will apply 80% of the proceeds from these latest asset sales to its senior bank and bond debt on a pro rata basis, explained Ahmed Pasha, AES' investor relations spokesperson.

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.