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Nomura International’s principal finance group (PFG) this week clinched its £1.9bn acquisition of the Le Méridien luxury hotel chain, as further details emerged of the planned separation between Nomura and Guy Hands’ principal finance team.

Denmark Danware, the Danish software developer, has started premarketing for its Eu63m IPO this week. The company will offer 1.68m shares at Dkr270-Dkr320. Bookbuilding for the issue will run from June 6 to June 13 and the shares are expected to start trading on the Copenhagen stock exchange on June 15. Danware will invest the proceeds in its product stream.

Nomura International’s principal finance group (PFG) this week clinched its £1.9bn acquisition of the Le Méridien luxury hotel chain, as further details emerged of the planned separation between Nomura and Guy Hands’ principal finance team.

Seven rural Spanish savings banks this week launched a Eu235m mortgage securitisation - the second such transaction to use the Rural Hipotecario vehicle to securitise Spanish residential mortgages. Lead managed by Banco Cooperativo Español, DG Bank and Crédit Agricole Indosuez, the deal met pre-sale price expectations. "By coming together through this securitisation these smaller rural banks can access the capital markets and clear risk off their balance sheets," said an official close to the deal.

* Westdeutsche Landesbank Girozentrale (WestLB) will next week launch its first securitisation, transferring the risk of almost Eu1.5bn of its residential mortgage portfolio into the capital markets. Westdeutsche Landesbank Girozentrale, POWER 2001 - 1 will offer a Eu1.334bn credit default swap, a Eu250,000 reference note above three classes of rated notes and a Eu14.7m junior swap.

Three small Italian co-operative banks, located in the Piedmont and Tuscany regions, launched a Eu95.2m deal this week that may pave the way for many of Italy's smaller banks to use securitisation. Lead managed by Banca IMI, the deal, which combines the mortgage portfolios of Banca Cambiano, Banca Carru' and Banca di Credito Cooperativo di Fornacette, is the first to use a club structure of this type in Italy.

Italy's Locat SpA, one of Europe's largest leasing companies, last Friday launched a Eu400m securitisation of Italian equipment finance lease contracts. The notes were sold privately to the European Investment Bank (EIB). Arranged by Euro Capital Structures and rated by Fitch, Locat Leasing Series 2001A sold Eu400m of triple-A notes, with an average life of 4.4 years, to the sole investor. The legal maturity for the transaction is June 2010 and the expected maturity June 2007. Details of pricing remain undisclosed.

Speculation continues to surround the financing plans of Railtrack plc, the company that owns the UK's railway network. Railtrack plans to raise £2bn-£3bn in the bond markets with dollar, euro and sterling issues (see separate story in Credit News section).

Servizi Assicurativi del Commercio Estero (SACE), the Italian export credit guarantee agency, last Friday launched a $525m securitisation of Paris Club debt - rescheduled obligations of emerging market sovereigns. Lead managed by JP Morgan and UBS Warburg, this unusual asset class found a keen reception among investors willing to take emerging market risk.

Canary Wharf Group plc, which owns the eponymous high rise office development in London's Docklands, this week launched a tap of its second securitisation worth the equivalent of around £875m. Lead managed by Credit Suisse First Boston, Morgan Stanley and Schroder Salomon Smith Barney, the deal will add three new office blocks to the pool of assets. The three tenants will be the lead managers.

ABN Amro and RBC Dominion Securities this week sold a £239.5m secured bond issued by the newly created housing association, Sunderland Housing Group. The deal will fund the large stock transfer from Sunderland Housing Council to the new company, which was founded in March this year and will be a Registered Social Landlord.

Mizuho International, the London-based investment bank formed from the merger of DKB International, Fuji International Finance and IBJ International, is set to launch its first arbitrage collateralised debt obligation (CDO) next week. Eikos Ltd is a synthetic deal that will transfer the credit risk on about $1.5bn of high yield obligations.