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Finland Morgan Stanley sold a block of around Eu500m of Nokia stock yesterday (Thursday) for an undisclosed client. The bank confirmed the trade, but was unable to give further details.

Rating: Aa2/AA+ Amount: $300m

Arranger Westpac Banking Corp has completed the NZ$200m standby facility for Ports of Auckland. The facility is divided between a NZ$100m five year portion and a NZ$100m 364 day tranche.

An amendment to the Energy Bill that would have regulated the energy and metals derivatives markets has been laid to rest. Earlier today, Sen. Diane Feinstein (D-Calif.) withdrew her amendment following the defeat of a cloture petition, which she filed after Sen. Harry Reid (R-Nev.) offered an amendment to the measure on Monday. Reid's amendment was passed today and effectively stripped the metals oversight provision from the Feinstein amendment.

Rating agencies this week downgraded two high profile non-performing loan deals, Banca di Roma's Trevi Finance and Morgan Stanley Real Estate Fund's International Credit Recovery 5 (ICR-5). The downgrades, the first in the Italian NPL sector to arise from collateral performance, will focus attention on risks of the credit quality of NPL deals.

* Dresdner Kleinwort Wasserstein and Mediobanca opened the books yesterday (Thursday) for Quarzo, a Eu500m securitisation of consumer loans for Compass, the consumer finance arm of Mediobanca. The banks expect to price the deal next week. Two tranches of floating rate notes are being offered. Official price talk on the Eu479m triple-A tranche with an average life of 4.42 years and expected maturity of January 2008 at the call date is 32bp-34bp over three month Euribor.

Prudential M&G this week launched a £69m private bond to finance the development of a new facility for the Health and Safety Executive, a body sponsored by the UK's Department for Transport, Local Government and the Regions. The deal is the third private finance initiative (PFI) bond to be launched this year, despite fears that the problems at Railtrack would damage relations between the UK government and the City.

French filmmakers are turning to the capital markets for funding and SG is working on the possibilities of funding the production of specific films. TF1 has raised Eu8.5m through a bond that offers investors exposure to the number of seats sold for its latest film. SG closed the deal on March 25, the day before the opening of A la folie pas du tout, a film starring Audrey Tautou, who rose to fame with the movie Amélie in April last year.

The structured finance market received a double hit of catastrophe risk over Easter as Hannover Re and Swiss Re returned to the capital markets. German reinsurer Hannover Re closed its third securitisation of catastrophe risk last week with a $230m deal linked to a portfolio of non-proportional reinsurance covers for a combination of natural perils and worldwide aviation business. These specific reinsurance businesses have been transferred to a Bermudan subsidiary and investors hold $230m of equity in this company.

Capital One Bank made its first public entry into the European ABS market last Friday, with a £357m securitisation of UK credit cards via Castle Receivables Trust. Led by sole bookrunner Barclays Capital, Capital One offered its first deal, Sherwood Castle Funding Series 2002-1 plc, using a recognisable master trust structure and following the example of regular issuer MBNA and its 14 CARDS transactions. "This deal is a welcome addition to a market dominated by MBNA's CARDS programme," said David Wells, director and product manager at Barclays Capital in London. "CARDS buyers jumped on the transaction and we expect Capital One to bring around two deals per annum."

Auto-part credit Federal-Mogul has fluctuated this week with roughly $15 - $20 million trading following news that Carl Icahn and other bondholders have struck a deal with asbestos claimants. Dealers said the name traded as high as 66 following the news on Tuesday, but that by noon Wednesday it had traded in the 62-63 range.

Phil Vasan has been named co-head of Credit Suisse First Boston's global equity derivatives and convertibles group, according to a firm official. Vasan, who most recently headed CSFB's cost reduction program, is co-heading the group with Paul Calello, who along with his current duties, is now serving as chairman and ceo of CSFB's Asian Pacific region, a position he was appointed to last month. Calls to Vasan and Calello were referred to CSFB spokeswoman Victoria Harmon, who declined comment.