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Rating: Aa2/AA/AA- Amount: Nkr2bn

Termoelectrica is collecting bids to arrange its new $200m five or six year facility. The borrower invited 14 banks to bid. It has since revised its request and is collecting proposals for both five or six year facilities. This change was in response to initial feedback from its relationship banks.

Mandated lead arrangers BNP Paribas, Citigroup/SSSB and WestLB are collecting commitments to join general syndication of the $450m five year pre-export finance facility for Sibneft. Final commitments are due next week and banks joining during general syndication will be signed in on September 30.

Australian Mortgage Securities (AMS) this week priced its second domestic mortgage securitisation of the year, a A$900m transaction backed by Australian residential mortgages. ARMS I Fund XII is the latest of a stream of RMBS deals launched in the Australian market in the last few months. The last solely domestic transaction from AMS was a A$1.3bn deal brought by ABN Amro in March. Fund XII completes the AMS domestic issue from AMS. The size and frequency of its issues reflects a high volume of loan origination. Some A$700m of residential mortgages are approved each month.

The Unique Pub finance company has executed another tap of its well known securitisation with a £855m transaction. The three new tranches - one of which contained triple-A paper - issued by the estate's latest owners repay some existing debt and facilitate the incorporation of the Voyager pub estate. Sole arranger Goldman Sachs was joined by three lead managers, Citigroup/SSSB, Morgan Stanley and RBS Financial Markets.

Meliorbanca, the Italian mid-cap investment banking group, this week priced its first collateralised bond obligation backed by European asset backed securities, in a Eu359m transaction joint lead managed with Bear Stearns. This week ZOO ABS I BV offered six tranches of notes, including two fixed rate tranches, all with a legal maturity of April 2093. A Eu282.5m triple-A tranche was priced at 51bp over six month Euribor with an average life of 6.9 years.

Mizuho Corporate Bank last Friday launched what is probably the largest Japanese collateralised loan obligation (CLO), and one of the largest in the world. The ¥1.266tr ($10.4bn) synthetic transaction, CuBic One Ltd, is the first from a programme sized at a staggering ¥10tr ($82bn). The bank may issue a second transaction within the next year.

Banca Monte dei Paschi di Siena and three of its daughter banks this week issued Italy's largest consumer loan securitisation - backed by Eu1.7bn of loans to favoured retail customers, which are used to invest in equity mutual funds. The transaction was largely successful, but ended awkwardly when Merrill Lynch, originally a joint bookrunner with Deutsche Bank and MPS Finance, dropped out of the syndicate just before pricing.

Japan should see its first securitisation of patent rights by the end of the year from PIN Change, a subsidiary of Matsushita Electric Industrial Co. Details of the deal, to be arranged by Japan Digital Contents, are still unclear, but market participants expect it to be a private placement. PIN (Panasonic Innovative Navigator) Change designs digital software and holds patents on technology including voice synthesising equipment. The patent rights could be transferred to a special purpose vehicle and bonds issued backed by these rights and their cashflows.

UK non-conforming mortgage lender Preferred Mortgages Limited this week launched its first securitisation of the year, a £200m transaction lead managed by Credit Suisse First Boston. With Kensington Group, Mortgages plc and Southern Pacific waiting to issue, this was the first of a series of transactions in the UK non-conforming residential mortgage sector. The lender's issuance has increased since its management buy-out in May led by Barclays Private Equity. Preferred Residential Securities 5 plc is its largest transaction to date and was the first to offer an interest-only detachable coupon on the triple-A tranche.

The outstanding notional value of credit-default swaps has grown by 31% in the first six months of the year, while the combined interest rate and currency swaps market has grown 14%, according to the International Swaps and Derivatives Association's mid-year flash survey. The organization plans to release data tomorrow that for the first time will include igures detailing the size of the equity derivatives market. Stacy Carey, policy director in New York, said the organization decided to add equity derivatives to its survey because there is not a lot of data covering this market.

Credit Suisse First Boston and Salomon Smith Barney are in the market with a new seven-and-a-half year, $210 million "C" term loan for Terex. The loan is priced at LIBOR plus 2 1/2% and backs the company's $270 million acquisition of Genie Holdings. The incremental tranche was launched by CSFB and Salomon on Sept. 17, according to Kevin O'Reilly, v.p. of investor relations for Terex. In addition to the loan, which is rated Ba3, $65 million in Terex common stock will be used to cover the Genie transaction, with Westport, Conn.-based Terex assuming $195 million of Genie's debt.