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Mandated arrangers BNP Paribas and BayernLB signed banks into the Eu125m three year facility for OTP Bank this week in Budapest. The deal has been oversubscribed and will be increased to Eu200m. Baden-Württembergische Bank, Erste Bank, Fortis International Finance, Hamburgische Landesbank, Lloyds TSB, NordLB and Sanpaolo IMI joined as arrangers.

Mandated arranger BayernLB signed banks into the Eu10m three year, club style, bullet term loan for Keflavik Savings Bank (Sparisjódurinn i Keflavík) on Tuesday. The facility was oversubscribed and increased to Eu13m. The loan offers a margin of 90bp over Libor. Baden-Württembergische Bank, Jyske Bank, Sparisjódbanki Islands, Bunadarbanki International, Raiffeisenlandesbank Niederösterreich-Wien and RZB joined as participants.

Bharti Cellular's $125m six year fundraising arranged by ABN Amro, Development Bank of Singapore, Standard Chartered Bank and WestLB will close today (Friday). The bank list and allocations will be finalised and released next week ABN Amro, Bank of Baroda and State Bank of India have closed the $50m five year credit for LIC Housing Finance. The arrangers held $8m apiece.

Amount: Eu457.5m Legal maturity: October 30, 2028

The UK securitisation market welcomed another new issuer last week when Newcastle Building Society (NBS) closed its first securitisation of commercial mortgages. Lead managed by West LB, Bamburgh Finance No.1 Plc issued five tranches of funded notes, totalling £210m. The leads reported strong demand and all tranches were oversubscribed.

Morgan Stanley is arranging an arbitrage CSO managed by Espírito Santo Gestão de Patrimonos. ESAF Navigator CDO 1 Ltd will issue Eu250m of notes referenced to a portfolio of credit default swaps, and there is a further Eu750m of unhedged senior risk. The proceeds of the note issuance will be invested in triple-A rated money market funds. The bonds are scheduled to mature in December 2009 and legal maturity is in June 2010.

Banca Popolare di Intra, a co-operative bank based in the north of Italy, this week closed a Eu457.5m securitisation of residential and commercial mortgages. Lead managed by CSFB, the deal closes a year of heavy, if sporadic, issuance in the Italian mortgage market. The last quarter alone saw issuance soar with a Eu1.6bn deal from regular issuer Banca Monte dei Paschi di Siena.

Bankgesellschaft Berlin London, part of the regional German bank majority-owned by the city of Berlin, last week closed a Eu2.1bn collateralised loan obligation, gaining capital relief on a portfolio of investment grade loans and bonds. The pricing of Rhea CDO 1 marks the end of a lengthy gestation period, but even before it reached the marketing stage the deal caused a stir when Deutsche Bank won the underwriting mandate from Merrill Lynch.

Aareal Bank sought regulatory capital relief this week with a Eu1.47bn synthetic securitisation of its US and European commercial mortgages. Arranged by Commerzbank and jointly lead managed by RBS Financial Markets, the deal is just Aareal's second CMBS, following a Eu1.1bn transaction secured on high quality hotels. The 'D' tranche on that deal was recently downgraded by Moody's to B1 from Ba3.

SG last Friday brought the first Spanish SME issue to be guaranteed by a region, rather than the Kingdom of Spain. The sovereign's annual limit for PYME guarantees was reached in June. Managed by Ahorro y Titu-lización SGFT, AyT FTGENCAT 1 issued Eu397m of bonds secured on loans originated by 10 Catalonian savings banks. Two tranches were guaranteed by the Generalitat de Catalunya (Aa3/AA-).

Next year promises to be a busy one for UK mortgage backed securities, and the action could start early in 2003. Northern Rock, which is usually quick to issue after the Christmas and summer holidays, has chosen Citigroup/SSSB and Merrill Lynch to lead manage a residential mortgage deal.

Bank Austria Creditanstalt (BaCa), an Austrian subsidiary of HypoVereinsbank, launched this week a Eu1bn synthetic securitisation of Austrian SMEs under KfW's Promise platform. The deal is the first time the Promise platform has been used outside Germany. Lead managed by Hypo-Vereinsbank, Promise-Austria 2002 Plc issued a Eu90.7m tranche rated triple-A by Moody's and Fitch, which was priced at 38bp over three month Euribor. The notes have an average life of 2.4 years, final legal maturity in 2013, and expected maturity in 2011.