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The City of Szczecin has awarded Bankgesellschaft Berlin (BGB) and Bank Przemyslowo-Handlowy (BPH) the mandate for Poland’s first ever municipal fixed rate bond, a Z30m (Eu8.7m) 10 year issue with an 11.75% coupon. The payment date is June 15, and price talk is 40bp over the 10 year Polish government benchmark.

Railtrack’s plans to raise £2bn-£3bn in the bond markets are well advanced, and should consist of dollar, euro and sterling issues later this year, a company spokesman this week told EuroWeek.

* Volkswagen Financial Services NV Guarantor: Volkswagen Financial Services AG

DePfa Pfandbriefbank has closed a ¥1 billion ($8.097 million) 15-year trade, to be issued on June 6. The interest payment frequency is annual and the trade pays a final coupon of 2%. HSBC was the bookrunner and the trade had a constant maturity swap (CMS) structure.

Deutsche Bank completed its third convertible of the week when it placed a Eu120m convertible for Modern Times Group (MTG), the Swedish integrated media company. The issue was described by a banker close to the deal as a "landmark transaction". This was one of the first convertibles out of Scandinavia this year and the fact that it was below investment grade on a subordinated basis (the bond was rated by Standard & Poor's as BB-), and made the deal "very exciting" according to the banker .

Deutsche Telekom International Finance has concluded a two-year ¥30 billion ($250.5 million) note to be issued on June 4. The note pays interest quarterly.

Israel Electric Corporation has issued a 10-year $600 million note. The note has a single interest payment frequency and pays a final coupon of 7.950%. This is the issuer's second note of the year, following a $100 million note issued in March.

Dresdner Kleinwort Wasserstein has added three debt marketers to its Italian origination operation. Two, Jimmy Fiore and Fulvia Neri, join the asset backed and financial institutions coverage operations in the Milan office.

Croatia EuroWeek hears that Hrvatska Elektroprivreda (HEP) has approached the loan market to secure financing for reconstruction of its networks. It is thought that HEP needs Eu40m to repair war damage.

US insurance firm American International Group this week hit back at critics of its stance on the Hollywood Funding film finance securitisations, which were credit enhanced by AIG insurance policies, after the English Court of Appeal published a judgment on a related case. The Hollywood deals were a string of securitisations that Credit Suisse First Boston placed privately for Flashpoint Ltd, a Jersey registered film finance company, in 1997 and 1998.

Cetlem, a subsidiary of BNP Paribas and the largest consumer finance company in France, this week launched a Eu320m deal from its MasterNoria master trust vehicle, which parcels its consumer loans. Lead managed by BNP Paribas, the deal is Cetlem's seventh issue and the fourth to use the MasterNoria vehicle, set up in October 1998. Investors are now used to the structure and it had received a good reception from the market, tightening spreads compared to its last issue in June last year.

BancApulia SpA, based in the Apulia region of southern Italy, launched its first securitisation on Monday - a Eu204.025m deal backed by a pool of its performing and non-performing mortgages loans (NPLs). Lead managed by BNP Paribas, the deal is BancApulia's first securitisation. Like other Itakian banks BancApulia wants to clear many of its NPLs off its balance sheet before the favourable accounting and tax regime, introduced by the Italian government for this purpose when it set the legal framework for securitisation laws in the country in 1999, ends at the end of this month.