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Rating: B3/B+ Amount: Eu100m

Allgemeine Hypothekenbank Rheinboden (AHBR) on Wednesday launched its third successful Hypotheken Pfandbrief in as many months, silencing critics of the credit. The future looked bleak for AHBR when it was downgraded from Aa2 to A1 by Moody's in May. But instead of sinking into depression, the bank has come up with a strategy for survival.

Rating: A1/AA+/AAA Amount: Eu1.5bn Hypotheken Pfandbrief series 339

Guarantor: Rating: A1/A-

Guarantor: Alpha Bank AE Rating: Baa2/BBB-/BBB

Rating: Ba3 Amount: $500m

Arrangers ANZ Investment Bank and Deutsche Bank have invited relationship banks into a A$400m three year term loan for CSL, a distributor and manufacturer of biological pharmaceutical products. Banks will receive a margin that initially starts at 80bp over BBSY and is linked to a debt/Ebdita grid.

Which fund managers do we admire? Not very many. Generally they are a rum bunch whose personal taste and excitement levels remind you of inadvertently munching blotting-paper. However, please come in Nicola Horlick, a superstar stockmarket crystal ball gazer for the otherwise forgettable Société Générale Asset Management, caring mother and much more besides.

Rating: Aaa/AAA/AAA Amount: Sfr300m

BHW Bausparkasse returned to the KfW-sponsored Provide programme this week with a Eu1.5bn securitisation of residential mortgages. Lead managed by SG, the deal is BHW's second deal under the KfW-sponsored programme this year, after a Eu1.24bn synthetic securitisation in February, also via SG.

IntesaBci breathed life into the Italian collateralised debt obligation market last week with a Eu4bn synthetic securitisation, shedding risk on a portfolio of senior secured and unsecured loans. The transaction was lead managed by Caboto-IntesaBci and Merrill Lynch. Intesa was an early pioneer in the Italian synthetic market and is still the only regular issuer. The bank closed the first public Italian balance sheet CDO Scala 1 in November 1999, and two further arbitrage synthetics, Scala 2 and 3, backed by credit derivatives from its trading book in December 2000 and June 2001. It later launched the first ever public securitisation of aircraft loans, Leonardo, in May last year for $1bn.

EMASESA, the regional water utility owned by the city of Seville, this week closed an innovative financing of water receivables in a deal that highlights the growing sophistication of Spanish regional entities. The company has sold future receivables from water improvement fees it charges its customers to four banks - Dexia Sabadell Banco Local, and three savings banks El Monte, Unicaja and Caja San Fernando - allowing it to directly fund its future infrastructure and water treatment improvements without increasing its net borrowing.