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Bangko Sentral ng Pilipinas (BSP) successfully tapped into short dated demand this week with the launch of a $350m November 2005 bond issue, despite long dated Philippines paper suffering from persistant market volatility. The four year Reg S transaction, BSP's second international bond issue of the year, gained praise for its performance in taxing market conditions. However, some bankers highlighted the relatively high new issue premium paid by the borrower.

The stage is set for a competition between the UK government's proposal - being prepared by Schroder Salomon Smith Barney - to turn Railtrack into a company limited by guarantee and WestLB's bid to take over the rail infrastructure company. The government placed Railtrack in railway administration on October 7, rather than inject more cash to ensure it could pay its debts.

Details emerged this week of an innovative aircraft financing arranged by Citibank in August. The $257m deal for US leasing company GATX Financial Corp finances the acquisition of eight new Boeing 737-800 aircraft on operating lease to South African Airways.

Cofidis, the French consumer finance subsidiary of mail order company Trois Suisses, this week launched its second securitisation of consumer loans from its Libravou vehicle. Lead managed by Crédit Lyonnais, the Eu169.5m deal was issued from a second ringfenced compartment in the same FCC (fonds commun de créances) which issued Libravou FL1 in November last year.

HypoVereinsbank (HVB) has created a new synthetic securitisation programme that will be backed by German residential mortgages using the government agency Kreditanstalt für Wiederaufbau (KfW) as intermediary. The Eu1bn Provide-A 2001-1 is to be the first in a series of deals aimed at promoting the German residential housing market. The transaction is similar to KfW's successful Promise programme under which KfW sponsors the credit risk transfer of promotional and non-promotional loans to small and medium-sized companies.

HypoVereinsbank (HVB) has created a new synthetic securitisation programme that will be backed by German residential mortgages using the government agency Kreditanstalt für Wiederaufbau (KfW) as intermediary. The Eu1bn Provide-A 2001-1 is to be the first in a series of deals aimed at promoting the German residential housing market. The transaction is similar to KfW's successful Promise programme under which KfW sponsors the credit risk transfer of promotional and non-promotional loans to small and medium-sized companies.

Valtion asuntorahasto (ARA), the Housing Fund of Finland, this week launched the sixth securitisation of housing loans from its Fennica programme, issuing a single Eu500m tranche to an investor base eager for the quality of Scandinavian mortgages. Lead managed by BNP Paribas, Credit Suisse First Boston and Sampo Bank, Fennica No.6 plc offered a single triple-A piece rated by Fitch and Moody's which priced at 24bp over six month Euribor, 1bp tighter than Fennica No.5 that launched this time last year.

MBNA International Bank, the UK subsidiary of US credit card issuer MBNA, last Friday launched its latest securitisation, issuing in floating rate euros for the first time. Lead managed by Barclays Capital (books) and JP Morgan the deal is also the first issuance from a new revised trust that MBNA has set up.

Morgan Stanley this week launched a Eu1.017bn Italian non-performing loan deal, backed by residential and commercial mortgages originated by its servicing subsidiary, Credito Fondiario Industriale Spa (Fonspa). The deal will be the largest Italian non-performing loan transaction since Banca di Roma's Eu1.4bn Trevi Finance launched in July 1999.

SNS Bank Nederland this week launched the fourth deal from its Hermes mortgage backed securitisation programme via lead managers BNP Paribas and UBS Warburg. SNS Bank is one of the regular mortgage backed issuers out of the Netherlands and it has consistently worked to lower spreads and increase the investor base of this sector. On this deal it launched an all out assault in an attempt to attract new investors into its programme. During eight days of comprehensive European roadshows SNS made one on one presentations with many investors that had not bought asset backed bonds before.