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LEAD arrangers of the Hellenic Republic's $500m five year facility have received an excellent response from potential co-arrangers. They have been offered $25m on a take-and-hold basis, although one bank has already offered $50m. The arrangers are Bank of Tokyo-Mitsubishi (bookrunner), Barclays Capital (information memorandum), Bayerische Landesbank Girozentrale (facility agent), Bank of Montreal (documentation agent), Commerzbank (bookrunner) and Paribas (bookrunner).

Eighteen months ago, high yield debt was one of the up and coming stars of the European capital markets. Issuance was doubling every year. Investors, bored of low interest rates, were flocking to bonds offering 10% or 11%. Virtually all of the deals were used to finance leveraged buy outs (LBOs) or build telephone networks, and there were very few double-B or single-B rated corporate issuers.

Dresdner Kleinwort Benson has won the role of adviser to the Croatian government for the privatisation of telecoms concern Hrvatske Telekomunikacije (HT). The Anglo-German bank beat off fierce competition from ABN Amro Rothschild, Credit Suisse First Boston, Deutsche Bank and Salomon Smith Barney, all of which were shortlisted from an original group of 14 bidders.

ARGENTARIA, one of Spain's largest banks, is set to offer a novel Eu1bn to Eu1.5bn security, marketed as the first jumbo Pfandbrief from Spain.

KBC BANK Global Trade Finance Bank is waiting for one more reply before wrapping up a Eu65m floating rate note facility for the Agricultural Credit Bank of Jamaica (ACBJ). The tenor, at five years, is unusually long for a soft commodity deal. But the deal draws strength from the Jamaican commodity industry's 23 year track record of delivering its European Union sugar quota.

Bookrunners IBJ International and Banca IMI and joint lead Monte dei Paschi di Siena are on the verge of launching the first Italian collateralised debt obligation. The Eu263m transaction, Securitised Portfolio of Quality Receivables Funding (SPQR) is already oversubscribed, but the leads are waiting for the Bank of Italy's approval to launch the deal - it is very likely to come today (Friday).

n Credit Suisse First Boston will price La Défense II plc today (Friday). The Eu174.151m deal is the second securitisation to finance sales of buildings by Vivendi to SITQ, the international investment arm of Caisse de Dépôt et Placement du Québec. Backed by two office buildings in central Paris occupied by Vivendi and a new tower in La Défense tenanted by Kværner, the deal will comprise three bond tranches, rated Aaa, Aa2 and A2 by Moody's, and a subordinated issue of billets de trésorerie (French domestic CP), placed by CPR. A CSFB liquidity line will cover credit risk on that tranche.

Life Co, an independent Japanese consumer finance company, is to launch its first international auto loan securitisation through Warburg Dillon Read in the next two weeks. The transaction, known as Freya Funding Corp after the Norse goddess of life, will be worth between $200m and $220m, and will be wrapped by triple-A rated monoline insurer FSA. With a one year average life and five year legal final maturity, the deal is expected to be priced in the low 40s over one month Libor.

Paramount Hotels of the UK this week launched Europe's first securitisation of hotel revenues, sole managed by Greenwich NatWest. The £52m deal, Hotel Securitisation No 1, parcels cashflow from eight hotels in regional UK towns, and opens a new asset class in the fast developing market for securitisations of non-contractual revenues.

The UK government this week sold £1.02bn of student loans to Deutsche Bank and Nationwide Building Society, in the second such privatisation. A special purpose company, HONOURS Trustee Ltd, has bought the assets with bridge finance from the winning bidders, who plan to securitise the loans in mid-April.

FCE Bank, the European arm of Ford Motor Credit Co, this week launched the long awaited second issue from Ford's international securitisation programme Globaldrive BV. The Eu511.25m transaction, lead managed by Deutsche Bank, parcelled 108,000 car loans to German individuals and companies, originated by Ford Bank, FCE Bank's German branch.