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Royal Bank of Scotland has begun marketing a £480m securitisation to finance up to 53 new high speed tilting trains for West Coast Trains Ltd, which operates the London to Manchester and Glasgow rail routes. The trains are being built by Alstom and Fiat Ferroviaria, and will be bought for £593m by Angel Leasing Company Ltd, a subsidiary of Angel Train Contracts, one of the three UK rolling stock leasing companies, which is owned by RBS.

Bootstrapping from historical data is a practical way to create scenarios for Monte Carlo simulations.

n HSBC Markets is believed to have won the mandate to arrange an MTN programme for Hong Kong's Dao Heng Bank. Rated A3/BBB+, the bank last appeared in the international debt markets in early 1997 when it raised $350m in a 10 year subordinated deal. Launched at 123bp over Treasuries, the deal is trading at 350bp-375bp over. n The Kingdom of Thailand has inched closer to some form of international fundraising by accelerating plans to access the Miyazawa plan by the end of the country's financial year on September 30.

The Development Bank of Singapore (DBS) is poised to score an impressive result with its inaugural tier 2 capital raising. The deal is scheduled to be priced on Monday, although there is a slim chance the deal may be completed in New York today (Friday). Bankers agreed that DBS had received a strong and enthusiastic reception from investors across the globe.

Roadshows for a new benchmark bond from Petroliam Nasional Berhad (Petronas) began in Tokyo on Monday, with early indications showing steady momentum building behind the Malaysian government-owned group's global transaction. News that Baa3/BBB- rated Petronas intended to re-approach the international dollar market initially attracted criticism, driven partly by a belief that the group was cutting its timing too close to the summer break and partly because of renewed spread weakening following China's downgrade early last week.

Australia The share sale of Hutchison Telecom will be launched at the end of next week, while the government's sale of a second tranche of Telstra has begun with a view to launching in mid-September.

A debut bond offering from Philippines cellular operator Globe Telecommunications looks set to give Asia's beleaguered high yield sector a much needed shot in the arm after closing with stronger than expected demand from international investors. With Asian and European allocations being settled by lead manager Salomon Smith Barney overnight in the US, the 10 non call five year deal should be priced early today (Friday) in New York.

Hanvit Bank will complete its $1bn recapitalisation today (Friday) despite market rumours that the Lehman Brothers-led issue has been downsized or even pulled. Bankers, however, dismissed the reports, but said the wildly fluctuating local market, and especially the local share price, had made the sale difficult. "The history of this deal is as volatile as the market," said a banker.

Morgan Stanley Dean Witter and Nomura successfully completed the sale of $6bn of JR East stock this week. Bankers at the lead managers declined to comment on the deal, citing legal restrictions, but market observers believe the combined domestic and international tranches were around five times oversubscribed.

The Skr1.5bn debut for Hotellus International has achieved an oversubscription with a few more banks yet to come in, after what some banks believe was a difficult syndication. It should close by the end of August. SEB won the mandate in early May, with MeritaNordbanken joining as co-arranger, and has since been looking for a small club syndicate. This deal is not purely refinancing for bilateral lines, but also raises new money for property acquisitions.