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Spanish bank Caixa d'Estalvis de Catalunya is preparing to launch a Eu150m securitisation backed by loans originated under state funding agency Instituto de Crédito Oficial's line of credit for small and medium sized enterprises (PYME). Jointly lead managed by JP Morgan and Caixa Catalunya, Pymecat-1 is expected to be launched on January 15.

UK finance company Automotive Financial Services Ltd yesterday (Thursday) cancelled its planned £225m securitisation of UK car loans. AFS has sold its entire auto loan book to Capital Bank Motor, a subsidiary of Bank of Scotland.

The Fédération Internationale de Football Association (FIFA), soccer's world governing body, announced in late December that it plans to securitise its revenues from selling its brand for marketing purposes. The Zurich based association has mandated Credit Suisse First Boston to lead manage the deal. The bank declined to comment, but observers said the deal is expected to raise around Sfr500m, likely in the second quarter of this year.

Findomestic Banca, the largest non-captive consumer lender in Italy, launched the first securitisation of Italian credit card receivables on December 21, with a Eu310.75m deal. Lead managed by BNP Paribas, which is also the main shareholder in the company, the transaction is Findomestic's second securitisation. The finance company became the first Italian lender to securitise consumer loans when it issued a Eu311m deal called Dolfin No 1 Ltd in July 1998.

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Pricing a basket of stocks from one country proceeds essentially along the lines of pricing a basket of groceries.

Adelaide Airport launched its debut A$240m 10 year bond issue this week, with an Aaa/AAA rated deal which was credit wrapped by MBIA Insurance Corporation. Lead managed by ANZ Investment Bank and Westpac Institutional Bank, the deal, by wholly owned subsidiary New Terminal Financing Company, was a floating rate transaction. It offers a coupon of 49bp over BBSW at an issue price of par.

China Bank of China's (BoC) plan to merge its Hong Kong operations has been approved by the Chinese government and is awaiting the go-ahead from the Hong Kong Monetary Authority. BoC wants to merge 10 sister banks in Hong Kong to create a banking powerhouse under the Bank of China name. It would become the second largest bank in the territory after HSBC Holdings.

Australia UBS Warburg completed the sale of 9m Silex Systems shares at A$4.00 on Monday, following an accelerated bookbuild. International buyers took around A$36m of the new share placement.

* The class 'A1' notes issued as part of the A$600m term MBS transaction for RAMS Home Loans were priced on Friday last week at one month BBSW plus 32bp. The A$120m of triple-A notes are structured as soft bullets with a three year maturity. "There was strong demand for the paper and this is a nice way to end the year," said a senior SSB banker. "RAMS has issued A$1.2bn into the local market this year and for them to round off a good year was positive for the market. We were very encouraged by the pricing compared with comparable paper in the market."

The market tone improved slightly this week as US presidential election doubts were resolved and George W Bush prepared to take residence at the White House. The news had a positive effect on corporate bond spreads, as the market sees Bush's proposed tax cuts as a possible boost to the slowing US economy.