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Mandated arrangers ABN Amro, Deutsche Bank and Nordea have launched syndication of the $1bn five year facility for Scania. A well attended bank presentation was held in Stockholm this week. For more details see EuroWeek 794.

The mandate to arrange the Eu50m five year amortising facility for Banka Celje will be awarded by today (Friday). Banks close to the award are Bank Austria Creditanstalt, Bawag, LB Kiel and RZB.

Amount: Eu1bn Rating: Moody's/Fitch

Syndication of the Eu400m revolver for recruitment agency Adecco will close oversubscribed. The deal was launched into syndication at the end of February. Bank of America and SG are running the books and arranging the deal with Royal Bank of Scotland.

Citigroup/SSB has launched the $120m five year credit for ASE Test Finance to general syndication. Banks earn an initial margin of 110bp over Libor and front end fees on two levels. Co-arrangers with tickets of $10m or more earn 15bp and co-lead managers absorbing $5m-$9.9m earn 10bp.

Rating: Aa1/AAA Amount: C$100m (fungible with C$100m issue launched 24/02/03)

Bookrunners Banca Nazionale del Lavoro and UniCredit Banca Mobiliare with Euro Capital Structures will close a securitisation of loans to pharmacists for Credifarma on Monday. Bookbuilding for the deal, CF Finance Srl, will finish today (Friday).

UK lender Kensington Mortgage Company returned to the market this week with its 14th securitisation of non-conforming mortgages, brought by Barclays Capital and Morgan Stanley. The issuer was unfortunate in its timing, as the need to sell the bonds before the war broke out in Iraq resulted in a short marketing schedule.

Crédit Agricole Indosuez, Credit Suisse First Boston and SG this week brought the largest Spanish mortgage securitisation of the year in a Eu1bn issue for Caja de Ahorros del Mediterráneo. TDA CAM-1 suffered from a marketplace crowded with repeat issuers, offering a spread of 28bp over Euribor at re-offer, at the wide end of price talk. "It is unquestionably a busy market in a volatile time," said Eve Flotron, ABS syndicate official at CSFB in London. "CAM is a sound credit story, appreciated on roadshow, but when you're in the market at the same time as three big repeat issuers, you have to offer investors something to do the credit work. We wanted fair value for everyone."

Abbey National this week returned to its Holmes master trust programme, taking advantage of strong dollar demand to sell $3.5bn of bonds after a week of marketing. Lead managed by Citigroup/SSSB and JP Morgan, Holmes Financing No 7 marks the end of a long quarter for UK MBS master trust issuers, with two large issues from Northern Rock and HBOS this year. The recent heavy issuance, combined with fears over UK house prices, has pushed out spreads in euros and sterling, particularly at the lower end of the capital structure.

Ricardo Pascoe, global head of foreign exchange, fixed income and alternative investment strategies at Commerzbank Securities in London, has been named acting managing director and head of the London office following the departure of Martin Bell. Neil Brazil, spokesman in London, said Pascoe will keep his responsibilities while the firm fills Bell's position with an internal or external candidate. Pascoe was travelling and did not return calls by press time and Bell could not be reached.