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THE CITY of Florence has inaugurated its newly signed global MTN programme with a $29m 144A issue. Although a series of presentations before the deal's launch generated strong demand across Europe as well as the US, the city opted for a purely US transaction.

Chase Manhattan and Bank of Scotland have provided senior debt backing the buy-out of Hall Engineering by Acertec. Candover is backing the deal. Acertec values Hall Engineering at about £90m. Senior debt will total about £60m.

AFTER much hype and speculation, Wall Street's oldest investment bank, Goldman Sachs, went public this week with an IPO that proved hugely successful. Launched at $53 per share, the stock shot up as high as $77.125, to close at $70.375 on the first day.

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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