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Den Danske and Royal Bank of Scotland have launched general syndication of a £125m revolving credit for McBride. The two arrangers put the deal out to retail on Monday and are to hold a bank meeting at McBride's offices today (Friday). The facility carries a margin of 40bp over Libor and a commitment fee of 50% of the margin. In syndication banks are offered a fee of 10bp for takes of £20m, 8.5bp for £15m and 7.5bp for £10m.

* Deutsche Finance (Netherlands) BV Guarantor: Deutsche Bank AG

* Deutsche Siedlungs- und Landesrentenbank Rating: Aaa/AAA (Moody's/IBCA)

SUSTAINED losses over the past couple of weeks on Wall Street have made observers nervous of a possible correction, but some investors are looking at the recent dive in stocks as an incentive to buy at cheaper prices. Although several deals have been postponed, many more are surviving the turmoil and the pipeline for new issues remains busy.

* Abbey National Treasury Services plc Guarantor: Abbey National plc

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Belgium Banque Nationale de Paris and KBC (formerly Kredietbank) have launched the Bfr15bn multi-tranche credit facility for Telenet Operaties to co-arranging sub-underwriters. Once this level has been completed, the two arrangers will launch the deal into general syndication. This should take place in early July.

Asset backed securities: * Almighty Asset Funding Corp

CREDIT Suisse First Boston's Ffr800m securitisation of revenues generated by the Stade de France, the new stadium built to host the World Cup final, is structurally ready -- the lead is believed to be waiting only for the French government to approve the deal. The 15 year bullet issue will be guaranteed by triple-A rated Financial Guaranty Insurance Company (FGIC), and is backed by a loan from CSFB to the Consortium du Stade de France, which built the 80,000 seat stadium and will operate it for 30 years.

MORGAN Stanley Dean Witter this week launched the second ever bond to finance construction of a UK hospital under the private finance initiative (PFI). The £136m 30 year deal, guaranteed by AMBAC Insurance UK, will pay for a new building for Law Hospital in Wishaw near Glasgow. "When we started working on PFI projects three or four years ago, people were sceptical that you could finance them in the capital markets," said Peter Cane, a vice president at MBIA AMBAC International. "But the UK pension and life insurance companies which bought this deal are the natural investors for this kind of project -- they want long dated fixed rate assets to match their liabilities.

JOINT bookrunners Bacob, BBL and Bear Stearns will next week launch the first grouped securitisation for local social housing lenders in Belgium. Special purpose vehicle Belsca will issue Bfr7.785bn of FRNs backed by mortgages originated by 13 sociétés de crédit agréés (SCAs) in the Walloon region of Belgium. SCAs are local, privately owned mortgage lenders, which provide loans to first time homeowners under a framework of regulation. The transaction has the largest number of sellers included in any non-US securitisation. There are 75 SCAs altogether, so the lead managers intend to bring further deals for other institutions.

BANKERS Trust this week sold the first securitisation denominated in euros, with a Eu255m deal for Swiss railcar leasing company Ahaus Alstätter Eisenbahn. The transaction parcels leases on 5,336 standard freight cars -- this was also the first securitisation of freight rolling stock in Europe, and the first ever securitisation of railcars located in more than one country. "It was a very complex deal, and we are delighted that we could put together something that satisfied investors and AAE so well," said Nicole Downer, a senior associate in BT's international securitisation group. "The client replaced its bank debt on the cars with longer term finance at a much higher loan to value ratio and a much lower cost of funds."