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Private corporate volume overtook that of public banks for the first time this year. The 18 private corporate notes issued represented just over $722m. A variety of currencies were tapped included Vivendi Environnement's Ck260m note that matures on April 29, 2009. The note pays a coupon of 67bp over three month Pribor and is fungible from the payment date with a Ck400m issue launched on April 16, 2002.

Double-A issuance continues to dominate by both volume and the number of trades. The 164 trades issued by double-A rated names this week dwarfed the 129 triple-A notes closed. UK borrowers closed more double-A volume than any other nationality. HBOS Treasury Services was prominent here, issuing four trades, two in Hong Kong dollars and two in euros, including a Eu100m deal placed by JP Morgan and fungible 40 days from the payment date with a Eu200m issue launched on January 21.

The highest number of trades was issued for over 10 years this week, representing over $2.3bn in volume. Yen was most popular in this maturity, but euros, dollars and Czech koruna were also tapped. European Investment Bank was active in Czech korunas with two transactions. It issued a Ck450m trade and a Ck2bn note. The larger issue was led by Bayerische Hypo- und Vereinsbank and has a zero coupon. The trade was placed simultaneous to two issues totalling Eu200m.

Bear Stearns expects to price Banco Pastor's Eu500m RMBS today (Friday) or early next week. The deal is Pastor's first securitisation in its own right, having joined other originators in the TDA 10 and TDA 13 transactions. Price talk for the Eu429.8m 'A1' tranche has widened from an initial range of 24bp-25bp over Euribor to the 26bp area. The notes have an average life of 4.6 years and are rated triple-A by Moody's and Fitch.

One of the European ABS market's most established issuers came under scrutiny this week after the trustees and directors of a Morgan Stanley securitisation released a report detailing a potential mistransfer of funds in its HOTELoC securitisation. The closely-worded report follows an enquiry by the Serious Fraud Office into affiliated companies of the borrower in HOTELoC, all ultimately owned by Orb group. More worryingly, it also details a potential incorrect transfer of funds within the HOTELoC structure.

RBS Financial Markets and Fortis Investment Managers have launched an innovative investment grade collateralised debt obligation using total return swaps to switch between cash and synthetic exposures. Rubens CDO 1 is one of just a handful of hybrid CDOs to use a partially funded capital structure while gaining exposure to the underlying markets in both cash and synthetic format. This allows the asset manager to seek out arbitrage opportunities between the cash and synthetic market, and to access assets that are more liquid in cash form.

Royal Bank of Scotland this week launched a £111.74m PFI bond for Road Management Group. The funds will be used to design, build and maintain a 53km upgrade to the A1(M) road between Darrington and Dishforth. RMG is owned by a consortium of construction firms comprising Amec, Alfred McAlpine, Dragados, and Kellogg Brown & Root. The design, build, finance and operate (DBFO) concession has been granted to Road Management Services (Darrington) Ltd, and is financed by the SPV, Road Management Services (Finance) plc. The project will widen two sections of the road from two lanes to three.

Finance officials from the world's most powerful industrial nations will this weekend assess a radical UK plan to increase aid to developing countries using securitisation. The aim is to double the annual flow of aid to developing countries from $50bn to $100bn by persuading rich countries to make long term commitments to aid donations, which can then be securitised.

Citigroup/SSSB last Friday launched the first Dutch RMBS deal of the year, a Eu400m securitisation for GMAC RFC Nederland. E-MAC NL 2003-I BV is the first of several Dutch MBS issues due for launch in the coming months, including an expected Eu1bn deal from NIB Capital.

US-based property company ProLogis last week launched a Eu190m securitisation of purpose-built distribution facilities in four European countries via lead managers ABN Amro and JP Morgan. The deal is the fourth time the company has come to the European ABS market and follows a similar structure to deals closed in May 2001 and May 2002 by the same leads.