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Royal Bank of Scotland has begun marketing a £480m securitisation to finance up to 53 new high speed tilting trains for West Coast Trains Ltd, which operates the London to Manchester and Glasgow rail routes. The trains are being built by Alstom and Fiat Ferroviaria, and will be bought for £593m by Angel Leasing Company Ltd, a subsidiary of Angel Train Contracts, one of the three UK rolling stock leasing companies, which is owned by RBS.

Bootstrapping from historical data is a practical way to create scenarios for Monte Carlo simulations.

A debut bond offering from Philippines cellular operator Globe Telecommunications looks set to give Asia's beleaguered high yield sector a much needed shot in the arm after closing with stronger than expected demand from international investors. With Asian and European allocations being settled by lead manager Salomon Smith Barney overnight in the US, the 10 non call five year deal should be priced early today (Friday) in New York.

Australia The share sale of Hutchison Telecom will be launched at the end of next week, while the government's sale of a second tranche of Telstra has begun with a view to launching in mid-September.

The Development Bank of Singapore (DBS) is poised to score an impressive result with its inaugural tier 2 capital raising. The deal is scheduled to be priced on Monday, although there is a slim chance the deal may be completed in New York today (Friday). Bankers agreed that DBS had received a strong and enthusiastic reception from investors across the globe.

n HSBC Markets is believed to have won the mandate to arrange an MTN programme for Hong Kong's Dao Heng Bank. Rated A3/BBB+, the bank last appeared in the international debt markets in early 1997 when it raised $350m in a 10 year subordinated deal. Launched at 123bp over Treasuries, the deal is trading at 350bp-375bp over. n The Kingdom of Thailand has inched closer to some form of international fundraising by accelerating plans to access the Miyazawa plan by the end of the country's financial year on September 30.

Roadshows for a new benchmark bond from Petroliam Nasional Berhad (Petronas) began in Tokyo on Monday, with early indications showing steady momentum building behind the Malaysian government-owned group's global transaction. News that Baa3/BBB- rated Petronas intended to re-approach the international dollar market initially attracted criticism, driven partly by a belief that the group was cutting its timing too close to the summer break and partly because of renewed spread weakening following China's downgrade early last week.

Morgan Stanley Dean Witter and Nomura successfully completed the sale of $6bn of JR East stock this week. Bankers at the lead managers declined to comment on the deal, citing legal restrictions, but market observers believe the combined domestic and international tranches were around five times oversubscribed.

Hanvit Bank will complete its $1bn recapitalisation today (Friday) despite market rumours that the Lehman Brothers-led issue has been downsized or even pulled. Bankers, however, dismissed the reports, but said the wildly fluctuating local market, and especially the local share price, had made the sale difficult. "The history of this deal is as volatile as the market," said a banker.

Brazil demonstrated its new, conservative approach to the international debt markets this week by increasing its blow-out Eu700m three year debut by just Eu100m. The tap on the existing issue by lead managers Credit Suisse First Boston and Dresdner Kleinwort Benson was launched at 595bp over the July 2002 BTAN, 5bp tighter than the original issue. Demand for the additional bonds was so strong that the price surged two points before settling back to around 101.

Eurobond issuance from Croatian borrowers looks set to resume in the coming months after the Kosovo-inspired hiatus in new issue activity. Investor sentiment towards the country has improved sharply since the end of Nato's military action against Serbia. The trading spread on the Baa3/BBB- rated sovereign's Eu300m 7.375% seven year euro bond from late February has tightened in to 368bp over Bunds at Thursday's close in London - from as wide as 615bp over at the height of the Kosovo crisis.

Plans for a debut international bond offering by the Czech Republic have been put on ice. Czech finance officials met European fund managers this week as part of their preparations for an expected Eu300m minimum seven year issue - set to be the inaugural deal off the recently established Eu2bn Euro-MTN programme, arranged by Morgan Stanley Dean Witter.