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Time flies when you're pricing those Bermudan callables. August is around the corner and that can mean only one thing: Landsvirkjun's and Islandsbanki's Discover Iceland expedition. The invitations have been issued for the fourth annual jaunt around Iceland but Leak wonders what there is left to discover. We already know very well how much shark the MTN community can consume and we need no clues about its Brennivin drinking capabilities, but with Islandsbanki's Bill Symington and Ingvar Ragnarsson promising a few last minute surprises we have no doubts that it will be a weekend to remember - alcohol permitting that is.

So far in 2002 the Irish syndicated loan market has witnessed the first jumbo LBO, a continued consolidation in certain sectors and the promise of new business for the syndicated loan market from the Public Private Partnership (PPP) which is already under way. Colette Campbell reports on an expanding market. So far this year 10 deals for Irish borrowers have been launched into the Euromarket, compared with seven for the same period in 2001.

Rand Merchant Bank introduced another asset class to the growing South African ABS market this week with a R2.3bn ($223.5m) securitisation of store card receivables for Edgars Consolidated Stores (Edcon). The domestic deal is held to be the first securitisation of retail assets for the country through a domestic vehicle, excluding residential mortgages. Edcon, one of South Africa's largest retail chains, has adopted securitisation to independently fund its credit department from the rest of its operations.

The German residential mortgage market received another boost this week as HypoVereinsbank (HVB) brought the sixth and largest transaction synthetic transaction under the Provide platform sponsored by government agency Kreditanstalt für Wiederaufbau. HVB RealEstate uses the Provide name to securitise a Eu3bn portfolio of residential mortgages. Provide-Comfort 2002-1 offered five tranches of notes below a Eu2.795bn super senior credit default swap.

Harbourmaster Capital Manage-ment, previously part of Euro Capital Structures, this week closed a Eu438m managed collateralised loan obligation of leveraged loans and asset backed securities. Lead managed by Citigroup/SSSB and co-managed by Meliorbanca, the deal is the third under the Harbourmaster brand, following a Eu703m leveraged loan securitisation in November 2001 via CSFB.

ABF Finance, a leasing group based in northern Italy, this week closed a Eu394m securitisation of real estate, equipment and auto leases. Arranged by Dresdner Kleinwort Wasserstein and co-lead managed by Mediobanca, the deal is ABF's debut issue and emerged at the wide end of price talk.

AIG Credit, a subsidiary of US insurer American International Group, this week succeeded in launching the securitisation it was forced to postpone a month ago. In mid-June Citigroup/SSB marketed a $519m securitisation of premium finance loans for the company, but withdrew the deal two weeks after the intended pricing date, when it failed to clear in the mid-20s over Libor.

Fiat this week returned to the asset backed market with an Eu824m securitisation of French and Spanish auto loans. Arranged by Euro Capital Structures and lead managed by Banca IMI, HSBC and JP Morgan, the issue came at the wide end or outside price talk. It is the second large auto loan deal to emerge from France and Spain in recent weeks. Earlier this month Crédit Agricole Indosuez and CSFB launched a Eu1.5bn issue for Peugeot.

Bankrupt Williams Communications Group's bank debt jumped from the 72-74 range into the mid- to high 80s this week after Level 3 Communications was reported to be making a $1.1 billion bid for the company. This offer would take the Williams Communications bank debt out at par. Dealers said that investors are still unsure if the deal would be completed. No trades could be confirmed. A spokeswoman for Williams Communications said that the company had received a number of bids, one of which was from Level 3. While she could not elaborate, she noted that the company was looking to release a plan of reorganization soon.

Cable companies felt pressure from secondary bank loan market this week as both Adelphia Communications and Charter Communications saw their bank debt levels shutter and loose three to five points each. Adelphia bank debt fell as five of the company's former executives were arrested by U.S. postal inspectors for conspiracy to commit securities fraud. Dealers quoted Adelphia's Century Communications credit in the 68-71 range. Charter Communications also was said to have traded down from the low 90s into the 86-88 context.

David Petrucco has joined The Royal Bank of Scotland to head up its new U.S. leveraged loan syndication effort, a joint venture between the bank's leveraged finance and loan syndication groups. The effort being developed in the U.S. leverages off the success of RBS' European operations, which Petrucco said currently tops the leveraged lending league tables. "I am very excited about the opportunities that the future holds for RBS, particularly at a time in the U.S. markets when bank capital has become a rare commodity, especially for middle market companies," he added.