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Bank of Scotland has upped its $25 billion debt instrument facility by $15 billion to $40 billion. To help distribute the extra paper, Bank of Scotland has added two dealers to the named dealer panel. The dealers are BNP Paribas, which has placed $333.85 million-worth of debt off seven trades for the issuer this year, and HSBC, which has also been an active reverse enquiry dealer, placing nine trades worth over $400 million for the issuer in 2002.

Aberdeen Asset Managers showed its support for the embattled split capital trust sector this week with an unprecedented commitment of £6m to shore up its Enhanced Zero Trust. Aberdeen has been forced to launch a unique survival package for the Enhanced Zero Trust that has seen its value collapse since September. In the last year the share price of the trust has crashed from over 90p to 2.25p. The trust was set up in 1999 to invest in the zero and income shares of split capital trusts, which were previously seen as a steady and safe investment. But a combination of factors, centring around plummeting European stock markets, has seen the value of the split capital sector swiftly eroded.

Galleon Capital Corporation (Galleon) is the issuer off a new $5 billion multi-currency ABCP facility. The administrative agent for Galleon is State Street Global Markets. The dealers are CSFB and Citibank. Standard & Poor's and Moody's rate notes off the programme A-1 and P-1.

Rating: Aaa Amount: Sfr300m

Eurotunnel responded to demands from its investors this week when it offered revised plans for a further restructuring of its £9bn debt financing. The company announced an increase in the price it will offer in a buyback of subordinated debt and the elimination of a proposed interest deferral on some of the remaining debt. As detailed in EuroWeek 746, arrangers Dresdner Kleinwort Wasserstein and Merrill Lynch have planned an on-balance sheet transaction to ensure a more direct benefit to the company than that achieved by the repackaging of junior bank debt last year, Fixed-Link Finance BV. A new tranche of long dated fixed rate junior debt, tier 1A, will be issued by Fixed-Link Finance 2 to buy a portion of the subordinated debt and to repay some of the existing junior debt at par, while extending the maturity of the senior debt.

Morgan Stanley has begun marketing the first property securitisation in its European Loan Conduit (ELOC) programme to incorporate European assets. The bank hopes this will be the first of many ELOC deals in which a corporate disposes of its real estate assets. As reported in EuroWeek 740, Morgan Stanley is preparing transactions backed by properties from Electricité de France (EdF) and electronics company Thales. The first, ELOC 9, is a Eu458m securitisation expected in around two weeks. ELOC has traditionally focused on the UK and most deals have been backed by commercial mortgages originated by Morgan Stanley itself.

Parma AC, the Italian football club controlled by Parmalat, will today (Friday) close a Eu95m securitisation of sponsorship, advertising, trade-mark licensing and television rights. Lead managed by Abaxbank, the deal is the first Italian sports receivables securitisation to emerge since Merrill Lynch's two ticket receivables private transactions for Lazio and Fiorentina in 1997 and 1998, worth Lit50bn and Lit67.5bn respectively.

Metronet, the preferred bidder for two of the London Underground infrastructure companies, is preparing a £1.2bn structured bond issue to finance part of a £7bn investment under the public-private partnership (PPP) scheme. Earlier this week Metronet signed a share purchase agreement to replace and upgrade services on the Bakerloo, Central, Victoria and Waterloo & City lines, as well as the Metropolitan, District, Circle, Hammersmith & City and East London lines over the next seven years, starting this summer.

Linea, the Italian consumer finance company owned by Cofinoga, last week launched a Eu350m securitisation of personal and car loans. Lead managed by Deutsche Bank, the issue follows several large securitisations in the sector this quarter, including deals from Italease and Compass, via BNP Paribas and Dresdner Kleinwort Wasserstein. The deal was oversubscribed and hit early price talk, coming at the wide end at the triple-A level.

Deutsche Bank has hired Shingo Tadakoro, head of equity derivatives trading at Daiwa Securities SMBC in Tokyo, as a senior equity derivatives trader, according to Tadaaki Tano, general manager of the planning division in the products section at Daiwa. "At Daiwa he was one of the biggest players in the OTC index products market," said a rival at Nomura Securities.

Steve Kohlhagen, a former University of California, Berkeley professor who built the fixed income derivatives business at Wachovia Securities, is ending his decade-long stint as head of all fixed income sales and trading for derivatives and cash at the Charlotte, N.C.-based firm. Kohlhagen, 54, said he will be leaving Wachovia in August to pursue a career writing mystery novels with his wife, Gale. "I spent 10 years at Berkeley and 10 on Wall Street, it's time to move on," he said. However, he has agreed to stay on board through the last half of 2002 to continue overseeing risk management for the fourth largest financial holding company in the U.S. and help it to find a successor for his position. "We've already started searching for a successor to head the division in Charlotte," Kohlhagen said.