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Finland * Online broker eQ-Online will begin trading today (Friday), having priced at the top of its range following a four times oversubscription overall.

JP MORGAN has announced a price range for the Eu440m-Eu525m IPO of French credit insurer Euler. The offering of existing shares by the principal shareholders of the company will be priced on April 26 with trading a day later. A range of Eu50.5-Eu59.5 has been set to give Euler - the world's leading credit insurer - a market capitalisation of between Eu1.8bn and Eu2bn. A total of 8.797m shares will be sold, or 25% of the company. Should the greenshoe of 15% be sold, 29% of the company will be in freefloat.

Freddie Mac last week survived debt markets battered by falling stockmarkets and widening swap and credit spreads by successfully reopening its five and 30 year Reference Securities. While other issuers felt it appropriate to postpone their transactions, Freddie Mac stuck to its programme, but sized its deals at the lower end of the range to avoid overwhelming the market at a time when there were question marks over such big supply being absorbed. The January 2005 Reference note was reopened for $2bn and the September 2029 for $1bn.

Israel Chemicals Limited (ICL), one of Israel's most prolific borrowers, is back in the loan market with a $75m five year term loan. The deal is to be arranged by WestLB. The transaction will be especially targeted at German banks, and loan officials said that it was a fine achievement for a German bank to have won the mandate.

Greenwich NatWest and Royal Bank of Scotland this week launched the first bond for over three years to finance a UK road project, with a £111.1m deal for Road Management Services (A13) Plc. The company has been formed by AMEC, Alfred McAlpine plc, Brown & Root Ltd and Dragados Concessionaires Ltd to engage in a 30 year design, build, finance and operate contract with the Highways Agency, signed this week, to upgrade and then maintain a 20km stretch of the A13 road, which connects East London with Essex.

India Industrial Credit & Investment Corp of India has awarded BA Asia a mandate for a $75m five year general working capital facility.

HSBC and Barclays this week demonstrated how far the European market for tier 1 bank capital has progressed over recent months by raising more than $4bn equivalent between them in a single day.

German bank IKB Deutsche Industriebank this week launched its first securitisation, a $534.3m collateralised loan obligation backed largely by syndicated loans to US corporates and lead managed by Deutsche Bank. Like Deutsche itself in its CAST 1999-1 CLO, IKB issued the transaction directly from its own balance sheet to avoid the legal costs of setting up an SPV.

Greenwich NatWest and Royal Bank of Scotland this week launched the first bond for over three years to finance a UK road project, with a £111.1m deal for Road Management Services (A13) Plc. The company has been formed by AMEC, Alfred McAlpine plc, Brown & Root Ltd and Dragados Concessionaires Ltd to engage in a 30 year design, build, finance and operate contract with the Highways Agency, signed this week, to upgrade and then maintain a 20km stretch of the A13 road, which connects East London with Essex.

Structured finance professionals expect a spate of high profile staff moves in the next few weeks, some of which may be team transfers. Observers said the market was buzzing with recruitment initiatives as banks jostle to establish a solid securitisation capability. Skills are in short supply and salary offers for experienced staff are rising. Two houses tipped as keen to hire are Donaldson, Lufkin and Jenrette and Merrill Lynch.