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SALOMON Smith Barney has wrapped up the co-underwriting phase of the Ffr5.4bn senior leveraged debt backing the creation of Capital BSN Emballage SA out of the merger of Gerresheimer's and Danone's glass packaging business. Appetite proved to be immense, with 17 banks joining the deal committing Ffr750m for an upfront fee of 112.5bp.

Hong Kong Co-ordinating arrangers HSBC Investment Bank Asia and BOCI Capital have launched the HK$2.2bn 3-1/2 year financing for Kowloon Properties. Bank of China (Hong Kong), Hang Seng Bank and HongkongBank joined as arrangers and underwrote the entire facility between them.

n ACE Funding Series 1999-1 RESIMAC MBS Amount: Eu175m

Australia A $112m aircraft financing for Kendell Airlines is in syndication. The 12 year loan pays approximately 100bp. The deal was underwritten by arrangers Banque Nationale de Paris, Deutsche Verkehrsbank, De Nationale Investerings Bank Asia and ING Lease.

n KfW International Finance Inc Guarantor: Kreditanstalt für Wiederaufbau

Are the rumours true that the mercurial Stephen West, formerly one of the brightest stars in the Warburg Dillon Read universe, is about to reemerge on the Euromarket scene? West and Steve Oristaglio, who moved to Puinara in Boston, turned the old Swiss Bank Corporation from a sleepy also-ran into a Prix de L'Arc de Triomphe Favourite. Since West quit last December, however, Warburg would be lucky to win a selling plate at Thirsk or Plumpton.

Banque Nationale de Paris this week joined the small but growing club of banks to publicly execute synthetic collateralised loan obligations - the bank issued Eu180m of bonds conveying the bottom 11% layer of risk on Eu1.635bn of corporate credit exposure. JP Morgan pioneered the technique with its Bistro structure in December 1997 - since then the bulk of trades have been privately and anonymously placed, but last October UBS launched its Eisberg Finance leveraged CLO, and this year Deutsche Bank, Citibank and Commonwealth Bank of Australia have all issued bonds conveying risk on much larger asset portfolios.