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The $500m pre-export facility for Ghana Cocoa Board (Cocobod) is oversubscribed by well over $100m, say bankers, and there are still commitments outstanding. Barclays Capital, Natexis Banques Populaires, Royal Bank of Scotland and Standard Chartered are mandated lead arrangers.

Citigroup and RBS Financial Markets this week steered Southern Water to a successful refinancing, tapping strong fixed rate demand to close oversubscribed on a £1.87bn issue, although weak index-linked sentiment caused one tranche to be restructured.

Lehman Brothers last week completed a securitisation of real estate occupied by Banca Popolare di Lodi (BPL), after over a month of marketing.

Morgan Stanley and RBS this week launched a landmark bond for the British Broadcasting Corp (BBC), the UK state broadcaster.

The Belgian mortgage securitisation market should revive this year when ABN Amro begins securitising a large portfolio of residential mortgages it has bought from state owned bank Credibe.

The Republic of Italy made a bullish and confident return to the market this week with a blowout Eu3bn issue secured on delinquent social security contributions for public entity INPS.

Morgan Stanley has stepped in to take over a Polish commercial mortgage backed securitisation after domestic investors were reluctant to buy the deal.

Loral Space & Communications' bank debt jumped from the 85 range to the 94 - 95 context after the company announced it was not only filing for bankruptcy but also using the proceeds from satellite sales to pay down all of its bank debt. "The general perception is that [the bank debt] will be taken out at par," said one buysider. Market players noted that the paper traded actively. A $10 million piece changed hands in the 93 - 94 3/4 context, according to traders. Loral has about $959 million outstanding on its bank debt and expects the sale of six North American satellites to bring in about $1.1 billion in cash, according to a written statement.

BondWeek is the leading news publication for fixed-income professionals, covering new deals, structures, asset-backed securities, industry and market activity.

BondWeek is the leading news publication for fixed-income professionals, covering new deals, structures, asset-backed securities, industry and market activity.

BondWeek is the leading news publication for fixed-income professionals, covering new deals, structures, asset-backed securities, industry and market activity.