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Mandated arrangers LB Kiel and RZB signed banks into the Eu50m three year bullet term loan for Banco Internacional do Funchal SA (Banif) this week in Lisbon. SanPaolo-IMI joined as an arranger for a take of Eu10m and Landesbank Baden-Württemberg as a co-arranger for a take of Eu7.5m.

Amount: R1bn ($113m) Call option: December 15, 2006

Rating: Aaa/AAA Amount: Nkr400m (fungible with Nkr900m issue launched 19/11/02)

Rating: Aa3/A Amount: Eu320m

Rating: AA Amount: Eu129.8m

Rating: B2/B/B Amount: $139m (fungible with $1.127438bn issue launched 15/03/00 and $260m issue launched 21/11/02)

Rating: A3 Amount: $300m tier one capital

Rating: A1/A+/AA- Amount: $100m (fungible with $300m issue launched 19/03/02)

Investors had to choose this week from a variety of collateralised debt obligation structures this week as seasoned CDO managers Axa Investment Managers, Pimco, Prudential M&G and Henderson Global Investors all raced to close deals before year end, running the gamut from cash deals to synthetic structures. The first to market was Axa Investment Managers, which returned on Tuesday to its Jazz programme with a Eu756m synthetic collateralised debt obligation via Deutsche Bank, the same bank that closed the asset manager's last Jazz deal. The transaction offers a leveraged exposure to largely investment grade corporate names and asset backed securities.

Portuguese lender Caixa Económica Montepio Geral this week launched its first securitisation of residential mortgages, Pelican Mortgages No 1 Plc. The Eu611m senior tranche, rated triple-A by Fitch and Moody's, came at 28bp over three month Euribor, the same margin as Banco Espirito Santo's subsidised mortgages deal last week. Pelican's 5.4 year average life is marginally shorter than the Lusitano deal.

Italian lease backed spreads widened to near unprecedented levels as Mercantile Leasing, a subsidiary of Fondiaria, completed a Eu300m securitisation, while tough market conditions caused one issuer to delay its deal altogether. The year has seen a record volume of issuance in the Italian lease backed sector, pushing spreads out as investor appetite has become saturated.

A $30 million piece of AES Corp. was said to have traded this week as the company struggles to complete a refinancing deal, with a few lenders refusing to sign on. The deal combines a new $1.6 billion loan and an exchange offer of up to $500 million of senior notes due 2002 and 2003 for new securities and cash. The company needs 100% lender approval to complete the deal, but current market buzz suggests that some lenders were holding out for higher pricing. The names of the banks and institutions could not be determined. Calls to AES officials were referred to the lead bank, Citibank. Officials at Citi did not return calls by press time.