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A 20 year debt package totalling about Eu600m for Cyprus Airports will reach financial close imminently and will be launched within the next four to six weeks. Mandated lead arrangers are ING, Société Générale (bookrunner), Royal Bank of Scotland (bookrunner) and WestLB (bookrunner).

Guarantor: DaimlerChrysler AG

Bookrunners Bank of Scotland, Barclays, Lloyds TSB and Royal Bank of Scotland have launched their £1.35bn facility for retailer Debenhams. It is split into a £1.05bn five year term loan and a £300m three year revolver. Both pay an initial margin of 110bp, which will then move according to a grid.

BayernLB have launched their Eu75m facility for Landbobank into the market. The five year facility pays a margin of 20bp over Libor. The borrower will use the loan for general corporate purposes.

There was dancing in the streets of Frankfurt as Deutsche Bank once again made a mockery of European analysts' profits forecasts.

Rating: Aa3/AA-

Dubai Islamic Bank announced on Sunday (May 7) the close of the $1bn three year Islamic financing for Dubai Civil Aviation. The other participants are ABN Amro, Deutsche Bank, DBS Bank, Depfa Bank, DZ Bank, Société Générale, Standard Chartered and WestLB.

The European Bank for Reconstruction and Development (EBRD) this week postponed its decision over whether to support the controversial Sakhalin II oil and gas project in Russia, while ABN Amro was accused of hypocrisy over its role in the deal. EBRD completed a series of public consultations on the project's social and environmental aspects at the end of April and had been expected to announce its judgment this month. Bankers say the EBRD will now decide in August or September.

HBOS Treasury Services has arranged and placed a private Eu101m securitisation of German retail properties for property manager Rockspring PIM.

ING Real Estate Finance this week completed its first securitisation — a £135m sale and leaseback securitisation of Goldman Sachs' European headquarters in London. Arranged and underwritten by ING, LEO (UK) CMBS No1 plc was well received and came at respectable levels, despite its small small size, lower liquidity and single asset and tenant concentration. The £100m triple-A tranche was talked at 20bp area, and eventually came at 19bp over for a six year average life. That compares well with SG's recent White Tower 2006-1, which offered a £281m triple-A note paying 18bp over Libor, but for a 4.54 year average life.

The Chicago Board Options Exchange (CBOE) Volatility Index (VIX) has in recent weeks seen a burst in volume of options traded, which it has been offering since February this year. There were 150,493 contracts traded on May 10, up from the previous daily record of 62.461 on May 1. Yesterday (Thursday) saw the index close at 12.67, up 89bp on the day.

Banco Bilbao Vizcaya Argentaria this week launched its first securitisation of unsecured consumer loans. Leads JP Morgan and SG priced BBVA Consumo 1 FTA at levels well inside recent consumer loans securitisations.