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Guarantor: Volkswagen AG

Morgan Stanley this week reopened its European Loan Conduit (EloC) programme with a £327m equivalent deal for UK property manager Industrious Ltd, just two months after its last transaction.

Mediocredito Centrale, Morgan Stanley and UBS Warburg have won what is likely to be the most prestigious mandate in Italian structured finance this year - to arrange the funding for the high speed rail link being built between Turin and Naples.

Price talk is unchanged for EBV Leasing's auto lease securitisation, which lead manager Lehman Brothers expects to launch next week.

NIB Capital Bank this week brought its inaugural collateralised debt obligation to market, offering investors a blend of senior and mezzanine leveraged loans, via Morgan Stanley and NIB Capital.

HypoVereinsbank this week closed its first true sale securitisation, pooling UK commercial properties originated by its London branch.

Bear Stearns has begun marketing a securitisation of broadcasting and sponsorship revenues for the Football Association, the body that runs English soccer.

Lehman Brothers this week launched the first transaction backed solely by Swiss real estate.

Northern Rock returned successfully to its Granite master trust this week, closing fully subscribed and inside price talk a £2.5bn equivalent deal via Lehman Brothers and Merrill Lynch.

Calpine Corp.'s term loan was firmer this week as the company came out with its first quarter earnings report and revealed further details in its plans to increase liquidity. The company's term loan "B" was said to be trading in the 97 1/8 - 97 3/4 range, up from the 96 1/2 - 97 1/4 context, where the paper was quoted last week. The company's liquidity position looks better, said one trader. "A company like Calpine is going to be a little bit more sensitive to liquidity," he noted. Recently the company received $105.5 million from a contract monetization and the restructuring of its interest in Acadia Power Partners.

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