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France Citibank is preparing to launch a leveraged debt facility -- initially as much as Ffr5.7bn -- that will support CVC's acquisition of Gerreishemer, the cans and bottling business.

ABN AMRO and Deutsche brought this week the third securitisation of Volkswagen auto leases, after a gap of almost three years since the first two deals. Volkswagen Car Leases No 3, a Eu500m, two tranche issue follows Ford's Globaldrive securitisation last month of European auto leases. The first two Volkswagen deals were launched in 1996. "VW had no funding need for ABS deals in 1997 and 1998," said Hans-Jürgen Fritz, director and head of German securitisation at ABN Amro.

GLOBO Organizations, the Brazilian television company that is the world's fifth largest TV broadcaster, this week launched an innovative secured borrowing that earned it Eu50m of three year funds at 300bp over Euribor, a substantial improvement on what it could achieve in conventional markets. There have been similar transactions in Portugal, but only in the private markets. Banco Finantia and Banco Privado Português structured the transaction to mitigate the Brazilian risk in the deal, replacing it with Portuguese exposure. Cayman Islands special purpose vehicle Globo Europe Ltd issued Eu50m of bonds with a five year final maturity -- puttable and callable from year three with step-up coupons.

GMAC launched its first plain vanilla securitisation of dealer floor plan receivables since 1996 this week, taking advantage of scarcity to pique US interest, and along the way pulling in some international buyers too. Launched via special purpose vehicle GMAC/SWIFT 1999A, the triple-A rated $750m bond was sold at 12.5bp over Libor on a 4.99 year average life, slightly tighter than initial price talk of 13bp or 14bp over.

Deutsche refines UK student loan template DEUTSCHE Bank this week launched the second securitisation of UK student loans, parcelling the

* Bankers Trust will likely price its £230m securitisation for Tussauds Group, the UK company that operates theme parks, waxworks museums and other attractions, today (Friday). CIBC World Markets, Deutsche Bank, Morgan Stanley Dean Witter and West LB will act as co-managers. The 25 year Euro/144A deal will offer three single-A rated tranches and one rated triple-B, by Fitch IBCA and Moody's. The £50m class 'A1', with a 6.5 year average life, and £20m 'A2' bonds, with an average life of 11.4 years, will both be priced over three month Libor.

GREENWICH NatWest has introduced a new funding vehicle for UK housing associations with a £94.25m deal for RSL Finance (No 1) Plc. The transaction securitises loans made to two housing associations, Springboard and Beacon, which in turn are secured on a portfolio of residential social housing. The vehicle is authorised to originate further loans itself, or to acquire assets of Greenwich NatWest. "We have assets that are potentially very fungible," said Paul Townsend, assistant director in asset securitisation at Greenwich NatWest. "It will not be a regular issuer, no more than once every 12 months, but we would like to see a growth factor. Above all we must be sure that there is no degradation of the pool."

CEVAL Alimentos, Brazil's leading soy product exporter, has secured $225m of three year financing, becoming the second major non-financial Brazilian corporate to tap the international markets since the January devaluation. Following in the footsteps of media company Globo, Ceval turned to the securitisation market to attract the cheapest possible financing at a time when the plain vanilla bond markets are shut to all but the best Latin corporates.

Credit risk is based, in part, on credit migration matrices that are used to describe changes in credit worthiness, usually on an annual basis.

Australia is host to the second largest mortgage backed securities market in the world, with a thriving domestic marketplace and a growing line-up of issuers of international asset backed securities.

The Australian domestic debt market has long promised more than it has delivered. Not any more. In recent months, the pace of activity in the primary market has surprised even the most bullish participants.

Fuelled by falling supply of government bonds, driven by the explosion of assets under management in Australia and nurtured by legislative and structural improvements, Australia's domestic capital markets are on a roll. Whatever the arguments, it appears clear that - for the moment at least - bank and corporate treasurers have, in the domestic debt market, a real alternative to offshore issuance and bank loans. And foreign issuers are increasingly attracted by the potential.