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Expect news early next week on a large syndicated facility for a UK financial institution. The second of the two, long awaited, regulatory driven sales of generating assets held by the two main UK generators - Power Gen plc and National Power - has been effectively concluded.

France Merrill Lynch, Paribas and Royal Bank of Scotland (Paris) will launch syndication of the senior debt backing the buy-out of 40% of the Le Figaro in September. Equity sponsor is the Carlyle Group which is buying the stake from Socpresse, the French publishing firm.

St George Bank underlined the growing depth and diversity of Australia's domestic securitisation market with this week's launch of the country's largest auto loan securitisation to date. Scheduled to price today (Friday), the A$571m deal for Crusade Auto Trust ranks as the first pure auto loan securitisation from Australia and the first ever from a domestic bank.

n As previously revealed in Euroweek, Stephen West looks set to join Merrill Lynch in a senior debt capital markets origination role as early as the start of next week. n Lehman Brothers has appointed Brian McCarthy as a director at the firm's MTN desk in London. He will report to Christian Wait, managing director and head of European fixed income syndicate.

Polish investment bank, BRE, last week lead managed what is believed to be the first structured finance transaction in the Polish capital markets. The Z10m asset backed commercial paper issue was the inaugural offering off the Z50m ($12.8m) trade receivables programme for Wroclaw-based pharmaceutical concern, Urtica. The company, Poland's largest wholesale distributor of drugs to hospitals, is set to be merged within the WSE-listed Polish Pharmaceutical Group.

The Royal Bank of Scotland will next week launch its £480m securitisation of train leases for West Coast Train Finance. A London investor presentation yesterday (Thursday) capped two and a half weeks of roadshows for the bond, which will finance the acquisition of 53 new high speed trains for the London to Manchester and Glasgow train lines, operated by a Virgin Rail Group owned company. Bookrunnner and lead manager RBS is to price the 10.5 years average life bond toward the end of the week. Market talk suggests a price range of 170bp/190bp over the 2012 Gilt, although RBS syndicate officials did not return calls seeking confirmation.

How the flight to par effect can be used to create long option positions without paying premium.

n Cheung Kong Holdings has become the latest Hong Kong company to establish an MTN programme, mandating its own affiliated securities firm, CEF Capital to arrange a $750m facility. A dealer group for the programme is in the process of being formed, with final documentation due to be completed by next month. Although the group recently raised funds in the Hong Kong dollar market, it has been a rare borrower away from its home base, last visiting the US dollar sector in July 1994 when CEF Capital and JP Morgan launched a $350m FRN. Since the deal matured on Wednesday, the group has launched just one outstanding issue - a $500m January 2001 fixed rate deal led by Goldman Sachs in December 1993.

n An $800m to $1bn share placement by Bank Internasional Indonesia (BII) was complicated this week by a trading suspension on the Jakarta Stock Exchange following news of a board reshuffle. Bankers had expected lead manager Goldman Sachs to launch the deal either this week or next. However, with escalating rumours over alleged of financial irregularities, few expect it to emerge soon.

DESPITE COMPLAINTS of tight pricing, the $344m syndicated credit for the Ministry of Defence of the Hellenic Republic of Greece is progressing well. The loan is backed by the Hellenic Republic and arranged by ABN Amro. The recent hike in the Moody's rating of Greece, from Baa1 to A2 can be interpreted as some justification for the pricing.

A $100m equity offering by India's Satyam Computer was postponed just before pricing earlier this week after the issue fell foul of weakening sentiment in the US hi-tech sector and growing tension between India and Pakistan. Led by Jardine Fleming, the company spent two weeks roadshowing a proprietary ISPUR (Indian Special Purchase Unit Redemption) transaction, structured around an offshore SPV.

Korean internet service providers (ISP) are shaping up to form the next wave of Asian hi- tech companies seeking to list on Nasdaq, with at least two operators hoping to launch offerings by the end of the year. Bankers believe that Samsung Data System's Unitel may be the first to come to market early in the autumn, having mandated a bank - believed to be Warburg Dillon Read - for an issue of up to $100m.