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French electronics company Legrand is seeking to refinance its Eu2.822bn leveraged buy-out facility with a pre-IPO loan, hoping to cut its cost of funding now that it has repaid part of the debt.

French electronics company Legrand is seeking to refinance its Eu2.822bn leveraged buy-out facility with a pre-IPO loan, hoping to cut its cost of funding now that it has repaid part of the debt.

WestLB has launched syndication of senior debt facilities supporting the buy-out of IEE, which used to be called International Electronics & Engineering. Apax Partners is buying the company.

The Macquarie Global Infrastructure consortium has closed syndication of its £1.237bn loan. The facility supports its bid to buy the Welsh and west of England gas distribution network from National Grid Transco.

Calyon is roadshowing a synthetic CDO squared programme to hit the market in the second week of December. Prime Square is a $2bn CDO of five underlying CDOs, rated double-A, referencing corporate credits selected and managed by Primus Asset Management. The first issuance will be $200m-300m of five year notes rated triple, double and single A by S&P.

US insurer The Hartford has set up a $750m shelf programme of catastrophe bond issuance to protect its portfolio against earthquake and hurricane risks in the US.

Trafigura Beheer, the Lucerne based oil, metals and electricity trading company, has completed a securitisation of export receivables via SG. SG is understood to have placed the $325m deal in a conduit, and plans to refinance it in the term ABS market next year.

ING Bank has extended its range of synthetic issuance with the bank's debut SME loan securitisation, priced on Wednesday by ING and Deutsche Bank. At the end of last year ING launched two synthetics, a residential mortgage deal called Stichting Memphis from its subsidiary Postbank, and Moon Synthetic, a corporate loan securitisation, transferring the risk on Eu2bn and Eu1.5bn of assets respectively.

A rabid domestic Italian bid saw the Italian Treasury price its fifth securitisation of delinquent social security contributions through public entity INPS at aggressive levels for a Eu3.5bn deal.

Millennium bcp this week launched Portugal's first synthetic securitisation, transferring the risk on a Eu3.5bn portfolio of loans to small and medium sized enterprises.

Insatiable demand for consumer assets and a dearth of supply in the asset class before year end ensured a successful launch this week for Driver One, Volkswagen Bank's first auto loan ABS and the first transaction to use the new TSI structure for German true sale securitisation. Volkswagen's leasing arm has already launched seven lease receivables from its VCL series, structured with an offshore SPV, but for its first loan deal from Volkswagen Bank it chose to use a structure announced by the True Sale International in September (see EuroWeek 880).