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Canada Mortgage and Housing Corporation (CMHC) signed a $2 billion Euro-MTN programme on January 5. Merrill Lynch is the arranger. The Canadian State guarantees the programme. The issuer will be open to various structures. Trevor Gloyn, treasurer at CMHC, says: "CMHC's annual borrowing requirements are approximately C$2.0 to C42.5 billion per year. The amount that will be raised through the Euro-MTN programme will depend on market conditions." He adds: "We are not restricted in terms of currency for our deals, but in general our requirement is for Canadian dollar, whether floating or fixed." No roadshow has been planned yet. Gloyn says: "We are considering many different options on marketing the Euro-MTN programme, including dealer meetings, investor meetings and electronic roadshows. No definitive plans have been formalized however to this point." The programme is rated Aa1 by Moody's. Standard & Poor's gives an AAA rating to Canadian dollar notes issued off the programme and an AA+ rating to foreign currency notes off the programme. Last year three Canadian issuers signed Euro-MTN programmes. They were the gic Sun Life of Canada Funding, Province of Nova Scotia and Financement-Quebec, which has yet to issue). The dealer panel comprises CIBC World Markets, Deutsche Bank, RBC Dominiion Securities, TD Securities, Tokyo-Mitsubishi and the arranger.

Trans World Airlines' bankruptcy and acquisition by American Airlines could affect seven aircraft operating lease securitisations as well as a private ticket receivables deal launched by TWA in 1997. The beleaguered airline filed for a Chapter 11 bankruptcy on Wednesday and agreed to sell its assets to American for around $500m. American has committed $3bn to fulfil lease assumptions and will also provide $200m in debtor-in-possession financing - allowing TWA to keep operating until the sale is completed.

What would have been the Neuer Markt's first IPO of the year was postponed this week when United Business Internet Solutions decided not to go ahead with its 1.7m share issue. Another company, however, has taken on the challenge and may provide the first IPO of 2001 on the high growth exchange. UBIS's IPO was planned for January 22, but has been postponed because "the market is in a disastrous situation", according to Jurgen Schoenberger, a spokesman for the company. "We do not have the investors we want."

The loan backing the sale by Tomkins of Rank Hovis McDougall to Doughty Hanson will be launched at the end of this month. Lead arranger JP Morgan has worked on the securitisation of certain products of Rank Hovis McDougall. Until the launch of the securitisation the debt is held among four banks.

Globals * Citigroup Inc

* Bancaja International Finance Ltd Guarantor: Bancaja

Volkswagen has done its second Polish zloty trade in one month: a Z100 million 3-year note, which pays a final coupon of 15.20%. The trade comes during a tough time for the automotive sector. Albrecht Moehle, head of capital markets at Volkswagen Group, says: "The troubles of the big three have destroyed our margins. The difference for Volkswagen is that we do not need the money. The big players often come to the market but we will not pay 77 bps for a 3-year floater. Nevertheless we are happy with our deals in 2000 but there is no doubt that in our industry it is getting more difficult to achieve your levels."

Volkswagen has increased the limit of its euro1.5 billion ($1.42 billion) debt issuance programme to euro3 billion. The programme has $1.24 outstanding off 17 trades.

Volvo is to sign a $1 billion Euro-CP programme in the middle of February. SEB Debt Capital Markets is the arranger and the dealers are Citibank, Lehman Brothers, UBS Warburg and the arranger. It will replace its existing $1 billion Euro-CP. Barclays Capital and Credit Lyonnais, both on the old programme, are the two dealers not to make it onto the new panel.