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Securitisation has saved the day for BBA Creditanstalt and Banco do Brasil, both of which were able to issue bonds abroad this week at a time when the Federative Republic of Brazil is firmly shut out of the international capital markets. BBA Creditanstalt raised $50m of 10 year non-call five subordinated debt using a pioneering partial credit guarantee from the IFC, while Banco do Brasil securitised MT-100 electronic payments from its offshore branches and bought a triple-A wrap from Ambac to launch a $300m seven year floating rate note, increased from a target of $250m.

UK telco heavyweight British Telecom is discussing the refinancing of a £5.5bn debt facility signed in 2001. BT is looking for a reduced facility and EuroWeek understands that the new deal will not reach £1bn.

UK fashion group Burberry launched its Eu280m IPO this week, as it sought to value itself between a luxury goods company and an upmarket retailer. Merrill Lynch and Morgan Stanley are lead managing the deal that will value Burberry between £1.15bn and £1.45bn, after it set the price range for its flotation at 230p-290p. GUS, which owns Burberry, will sell 25% of the company but Burberry will not raise any money itself through the deal.

Rating: B1 Amount: $100m lower tier two capital

Guarantor: Carlsberg Breweries A/S Amount: Eu500m

Lebanon's Byblos Bank has completed a $100m 10 year income participation rights issue. The transaction, via bookrunner JP Morgan and joint lead manager Natexis Banques Populaires, marks the first time an issuer has used this structure in the Middle East. It means that as well as receiving quarterly payments of the 9% coupon, noteholders will also be paid 5% of Byblos's annual net profits.

Rating: A2/A+ Amount: $350m (increased from $300m)

Rating: Baa2/BBB Amount: Eu350m

Rating: A2/A- Amount: Eu75m subordinated debt

Rating: Aa3/AAA Amount: Eu300m

Mandated arrangers RZB and ING have closed the Eu50m five year facility for Croatian Bank for Reconstruction and Development (HBOR). Oversubscription allowed the deal to be increased to Eu82.5m.

France's Schneider Electric this week granted the Wendel Consortium a period of exclusivity to finalise the agreement for the sale of Schneider's subsidiary Legrand. By backing the winning consortium, including KKR and Wendel Investissement, CSFB, Lehman Brothers and Royal Bank of Scotland have clinched the mandate to underwrite and arrange the debt supporting the buy-out.