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UK luxury goods company Burberry yesterday (Thursday) bucked the trend of failed IPOs by successfully pricing its £258m offer at the bottom of the 230p-290p range.

UK luxury goods company Burberry yesterday (Thursday) bucked the trend of failed IPOs by successfully pricing its £258m offer at the bottom of the 230p-290p range.

A re the agonies of Credit Suisse ever going to end? The unlikely Lukas Mühlemann has used up yet another of his nine lives by giving up his title of chairman, but he is managing to stay perched on the CEO's seat, and frustrating the punters who have bet millions of Swiss francs on Lukie being toast by the end of August. But at least it's a step in the right direction. Mühlemann's card has been marked, and no one within the CS Group takes him seriously - half of the money betting on his imminent departure has been placed by CS and CSFB insiders, which indicates their loyalty.

CDC IXIS Capital Markets last Friday launched the second toll road project to come directly to the public Eurobond market. The Eu460.5m transaction will help finance the construction of the A28 motorway in France. European governments are increasingly turning to public-private partnerships to finance a growing demand for infrastructure expansion. The construction, maintenance and operation of this 125km section of a trans-European north-south motorway that connects Iberia to northern Europe was awarded under a 65 year concession.

Rating: Baa1 Amount: £100m lower tier two capital

GMAC Residential Funding Corporation (RFC) brought its securitisation expertise to Europe for the first time last Friday (July 5) with a residential mortgage deal from its Dutch subsidiary. The group began offering Dutch loans last year. "The Netherlands is our first point of entry into the European market and we are looking to expand," said Ferdinand Veenman, executive director at GMAC Hypotheken in the Hague. "We were very pleased with the transaction considering that we are a first-time issuer and have only been in the mortgage market since January 2001".

CDC IXIS Capital Markets last Friday launched the second toll road project to come directly to the public Eurobond market. The Eu460.5m transaction will help finance the construction of the A28 motorway in France. European governments are increasingly turning to public-private partnerships to finance a growing demand for infrastructure expansion. The construction, maintenance and operation of this 125km section of a trans-European north-south motorway that connects Iberia to northern Europe was awarded under a 65 year concession.

Morgan Stanley this week completed the pricing and tranching of its latest ELOC deal, a transaction that was expected to bring hope to the subdued market of hotel securitisations. HOTELoC plc offered rare exposure to the UK hotel sector via a single commercial mortgage and incorporated a dollar tranche. But despite the scarcity of hotel property transactions, the notes are reported not to have been fully sold at pricing. Morgan Stanley would not comment this week as to whether the bonds were all sold.

ABN Amro will next week launch a Eu375m securitisation of residential mortgage loans for Friesland Bank. Price talk on Stichting Eleven Cities No 1 is the 24bp area over three month Euribor on the triple-A notes with a 6.4 year average life. The two 10 year bullets rated single-A and triple-B have price talk of 63bp area and 120bp area. Bear Stearns is set to launch and price RMAC 2002-NS2 plc next week, the latest £525m residential mortgages securitisation for GMAC-RFC Ltd.

Bupa, the provident association which runs private hospitals as well as private medical insurance and nursing homes, last week closed a £450m whole business securitisation of its private hospitals business. Lead managed by HSBC and RBS Financial Markets, the deal is only the second securitisation of private hospitals to date in the UK whole business market. Last July Morgan Stanley launched a £975m securitisation for venture capital house BC Partners of General Healthcare Group (GHG), which the group bought in September 2000.

Bank of America, J.P. Morgan, UBS Warburg and Morgan Stanley will be approaching top-tier institutional lenders of Del Monte this summer ahead of the September retail launch of a new $1.6 billion bank deal. J.P. Morgan and B of A each have taken 30% of the deal, with UBS and Morgan Stanley taking 20% each.

Credit Suisse First Boston, Lehman Brothers and Royal Bank of Scotland are preparing a mammoth leveraged loan and bond deal backing Kohlberg Kravis Roberts and Wendel Investissement's attempted buyout of Legrand from Schneider Electric for EUR3.7 billion. If the deal goes through, the proposed financing would comprise more than EUR2.6 billion in bank debt and approximately EUR900 million in bonds. That translates into total leverage of six times and senior leverage of four times, one banker noted, adding that those levels are pretty aggressive.