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Bank of America, Royal Bank of Scotland and SG will sign banks into the £225m facility for Airtours today (Friday). The deal has been increased to £230m.

n Bank of Scotland Treasury Services plc Guarantor: Bank of Scotland

Austria Bank Austria, Citigroup/SSSB and Dresdner Kleinwort Wasserstein have signed banks into the Eu500m revolver for OMV.

*Compagnie de Financement Foncier Rating: Aaa/AAA/AA

The structured finance market was unnervingly quiet at the start of 2002. In February the wires began to buzz with rumours of new issuers and the promise of excitement just round the corner. EuroWeek has conducted a straw poll of ABS bankers and analysts at investment banks in London to discover their views on where the market is headed after the slow start.

* MBNA is expected to launch MBNAS 2002-1 on Monday, a Eu750m securitisation of its US credit card portfolio. This will be the first issue from MBNA's US Master Note Trust. One triple-A tranche will be issued, rated by all three agencies. Official price talk is 24bp-25bp over mid-swaps for the 10 year fixed rate bullet notes. * Commerzbank is preparing to launch Provide Gems 2002-1 towards the end of next week or early the following week, a Eu1.052bn securitisation of residential mortgages for Rheinische Hypothekenbank.

* WestLB is marketing Real Value One, a Eu957.93m synthetic securitisation of commercial mortgages originated by Westdeutsche ImmobilienBank. The pool consists of 45 loans secured on 39 properties in Canada, France, Germany, the UK, the US, Spain and Hungary. Real Value will issue six tranches of notes below a Eu720.38bn credit default swap. A Eu47.9m triple-A tranche will be sold, as well as a Eu64.7m double-A piece and a Eu43.15m tranche rated single-A. A triple-B tranche totalling Eu21.6m is also planned with an unrated Eu21.6m piece and a Eu38.5m layer that is privately rated. All notes mature in 2015.

RBC Capital Markets last week rebuilt the traditional CDO capital structure with a static synthetic CDO worth around $1bn, which uses warrants to provide mezzanine investors with the chance to participate in equity returns. The deal, which was privately placed and rated, was structured to meet demand from Japanese investors. A portion of the equity tranche has been retained to provide extra returns for the Japanese yen mezzanine level if the portfolio generates a sufficient yield.

The first Dutch RMBS of the year brought a new issuer to the market when NIB Capital this week launched SwAFE I BV, an Eu800m securitisation of Dutch residential mortgages originated by Zwitserse Maatschappij van Levensverzekering en Lijfrente (Zwitserleven), a branch of Swiss Life Europe. Two tranches of notes were publicly issued and two were sold privately, totalling Eu800m. A triple-A piece worth Eu570m, with an average life of 4.9 years and a legal maturity of February 2032, was priced at 24bp over three month Euribor.

The Big Food Group (BFG), the food retailer and wholesaler formerly called Iceland, has announced a £375m three year recovery plan that includes a sale and leaseback of its property portfolio. Bankers suggest that the sale could raise around £250m to help reduce over £430m of debt. Plans also include the company's first venture into the capital markets - a corporate bond issue that will be prepared by Barclays Capital and UBS Warburg.

A shift in the corporate landscape of the UK pub sector is expected as a consortium involving Enterprise Inns takes on Punch Taverns to compete for the acquisition of Nomura's pub estates Unique and Voyager, worth an estimated £2.2bn. The sale, which follows Nomura's disposal of its Inn Partnership franchise to Pubmaster in February for a reported £523m, continues a second flurry of investment in the pub sector as the first wave of private equity funds try to monetise their original stakes.