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Huntingdon Life Sciences (HLS), the UK contract research company, will attempt to list on New York's Nasdaq in an attempt to solve enduring animal rights activism and other problems. HLS's shares are listed on the London Stock Exchange and it has American Depository Receipts listed on Nasdaq. But, assuming it secures authorisation from shareholders, both the US and UK listings will be cancelled and HLS will look to be quoted under a new name, Life Science Research, on Nasdaq only.

Equity and debt investors reacted with fury this week to the UK government’s placing of Railtrack plc in administration.

Equity and debt investors reacted with fury this week to the UK government’s placing of Railtrack plc in administration.

Railtrack investors are considering legal action against the UK government, with no resolution in sight to the dispute over how much shareholders are owed. A group of fund managers, holding more than 20% of Railtrack Group shares, hired UK law firm Allen & Overy on Wednesday to decide whether the government could be sued.

Venezuelan oil concern PDVSA is gearing up to issue a $1bn oil backed receivables deal in the coming weeks, the first of what bankers hope will be a slew of structured offerings by corporates and banks from Latin America. The mandate has been awarded to Credit Suisse First Boston and Goldman Sachs and, according to bankers familiar with the offering, it should be ready for marketing in about a fortnight.

Issuers and dealers are getting ready for Webster's annual MTN conference, which will be held in London on October 25. No doubt most banks have already decided what freebies to put on their stalls. Leak urges the alarm-clock-giving banks such as Merrill and HSBC to stick to the chocolates, which are much more appreciated and don't start beeping in the middle of panel discussions. Some banks are also sending out the party invitations as they hope to impress their favourite issuers on the night before the conference. BNP Paribas has pushed the boat out this year and has invited an elite set of issuers for a vodka and caviar fest on October 24. But the location is a strict secret. The bank wants to deter any gate crashers. All is quiet on the desk-moves front, as all posteriors are said to be glued tightly to chairs in the run up to year-end bonus time. Some dealers are already mentioning "only nine trading weeks 'til Xmas". So Leak has been pondering ways to greet 2002. One idea is an MTN calendar with a dealer's photo for each month. Any volunteers to dress up in a santa's outfit for Miss, Ms or Mr December?

Railtrack's lenders seemed less flustered this week than many others in the capital markets, after the government said it would no longer bankroll the company it had been propping up since it was privatised in 1996. "Banks with loans to Railtrack are not going to lose any money," said one UK clearer.

Nasdaq and the S&P 500 index yesterday (Thursday) topped pre-September 11 levels, sparking further optimism that the capital markets are returning to business as usual. Corporate borrowers braved the market late this week, although the focus remained overwhelmingly on defensive sectors and instruments. Issuance was light in dollars, although Fannie Mae yesterday offered $2bn of five and 10 year Benchmark notes, giving investors another opportunity to buy top quality paper after a brace of issues from US agencies last week.

Bahrain EuroWeek understands that Aluminium Bahrain (ALBA) has approached relationship banks for a $107m debt facility.

* Gareth Jones, head of wholesale banking at Abbey National has resigned, to be replaced by finance director Mark Pain. His reasons for leaving are not known. Jones joined Abbey in 1989 where he began as group treasurer and chief executive of Abbey National Treasury Services.

Czech Republic The Czech Republic is likely to delay its proposed inaugural Eu500m-Eu1bn 10 year bond until the first quarter of next year. The republic needs time to pass necessary foreign securities legislation, and is also waiting for the international borrowing climate to improve.