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The Pfandbrief market was given a boost yesterday (Thursday), when Allgemeine Hypothekenbank Rheinboden (AHBR) launched a Eu1bn 2004 Hypothekenpfandbrief via Deutsche Bank, Dresdner Kleinwort Wasserstein and HypoVereinsbank. The borrower had planned a four year jumbo issue, but after Münchener Hypothekenbank decided to postpone its five year Pfandbrief last week, AHBR had to reassess its aims.

Rating: A1/AAA/AA+ Amount: Eu1bn Hypothekenbank Pfandbrief

US-based global broker Auerbach Grayson and securities technology firm Cross Border Exchange Corp (Crossbordex) this week announced plans for the launch of a member-owned electronic cross-border trading platform that is capable of executing and clearing securities orders in virtually every liquid equity market in the world. Called Axes, the internet-based system will provide continuous round-the-clock on-line trading for broker-dealer members of Auerbach Grayson's international network, which boasts member firms in 83 countries.

The challenges faced by the investment banking industry were highlighted this week by a round of third quarter results from some of its leading players. On Wednesday, Merrill Lynch's chief executive officer, David Komansky described market conditions as the most challenging in decades. The firm was not optimistic that they would improve.

Rating: A1/A- Amount: $700m (increased from $500m) subordinated debt

Co-ordinating arrangers Commonwealth Bank of Australia, Deutsche Bank, JP Morgan and Westpac Banking Corp have launched a $600m revolving credit for WMC Resources. Responses from underwriters are due on November 11, with general syndication to take place shortly thereafter.

Rating: Aa1/AA/AA+ Amount: £50m (fungible with £150m issue launched 09/08/02)

Credit card receivables were flying back and forth across the Atlantic this week as MBNA offered euro investors Eu500m of exposure to its US cards and Barclaycard brought a $1bn securitisation of UK receivables to US and European investors. This is only the second time that Barclays Bank has accessed the asset backed market to finance its credit cards. But both times it has issued $1bn of notes lead managed by Barclays Capital.

Confusion reigned this week as intense speculation that the UK's Strategic Rail Authority (SRA) would announce a securitisation programme proved unfounded. Several UK newspapers ran reports suggesting that the plan, known as Golden Arrow and proposed by Morgan Stanley and Babcock & Brown, would be announced at a rail finance summit on Tuesday.

Lehman Brothers and Morgan Stanley this week priced a Eu1.164bn securitisation of properties leased by Telecom Italia from Imser 60, a vehicle owned by Italian property company Beni Stabili. Long awaited since the start of the year, the deal was priced in line with market expectations, although the junior tranches fell at the wider end of price guidance. Two extra junior tranches were also carved out in the final stages of the deal's launch and wrapped by Ambac Assurance.