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CIT Group completed its rehabilitation from the damage done by Tyco International's ownership with this week's blowout $1bn 4.125% three year global bond. The deal, led by Lehman Brothers and Deutsche Bank, was the final part of the curve it needed to return to the funding mix it enjoyed before Tyco's troubles shut it out of the markets early last year.

Citigroup/SSSB this week made the largest jump in Dealogic Loanware's Euromarket mandated arranger league table, leaping from eighth to fifth. This is due to its leading role in the $240m financing for Russia's Norilsk Nickel.

Rating: Aa3/AA/AA Amount: Eu100m

Rating: AAA Amount: Eu250m obligations foncières (fungible with Eu1bn issue launched10/10/02)

Rating: Aaa/AAA/AAA

Amount: Eu654.9m Rating: A2/A-

Mandated arrangers Bank Austria Creditanstalt, DZ Bank, ING and LB Kiel have launched the Eu150m five year bullet term loan for Central European Investment Bank (CIB) into general syndication. Three tickets have been offered: senior lead manager for a ticket of Eu10m for a fee of 25bp; lead manager for Eu7.5m for 22.5bp; and manager for Eu5m for 20bp. During senior syndication Erste Bank and BayernLB joined as arrangers, and Baden-Württembergische Bank, Landesbank Rheinland-Pfalz and NordLB as co-arrangers. The deal pays a margin of 22.5bp over Libor for years one to three and 25bp for years four and five.

Croatia and Tunisia are keeping up the steady flow of EMEA sovereign issuance this quarter. Both countries will price euro denominated transactions today (Friday) and bankers predict that they will fly off the leads' books. Croatia met investors in Europe this week for a Eu500m seven year transaction that it has mandated to Citigroup/SSSB and Deutsche Bank, while Tunisia will bring a Eu300m 10 year offering via Dresdner Kleinwort Wasserstein and Merrill Lynch.

Morgan Stanley has begun pre-marketing the 12th issue from its EloC commercial real estate programme - colourfully named Gorgons, after the monster that turned its victims to stone in Greek mythology. The deal is secured on a single property in the centre of Paris, bought last year by real estate private equity house Blackstone Group. The property is leased to around 60 corporate tenants, including SNCF and Crédit Lyonnais.

FFS Bank, the German auto finance arm owned by Swiss car importer Emil Frey Group, this week closed its debut issue, a Eu285m securitisation. Lead managed by UBS Warburg, the deal will allow FFS to diversify its sources of funding from bank lines, which have come under pressure due to consolidation in the German banking sector. FFS plans to follow the issue with similar transactions at the end of 2004 and 2006.

Football securitisation is back in the limelight this week, but for all the wrong reasons. The collapse of Fiorentina's Lit67.5bn securitisation in September 2002 sent shockwaves through the market. It appeared to vindicate bankers who doubted that football clubs were suitable for the financing technique.

Twenty-five Sicilian healthcare enterprises used structured finance techniques to recoup past healthcare deficits in a Eu654m deal lead managed by Nomura this week. Crediti Sanitari Regione Sicilia (CSRS) repackages receivables owed by the Region of Sicily to 25 different enterprises throughout Sicily. Between 1995 and 2000 26 regions built up net revenue shortfalls, which were typically funded by the region retroactively.