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GENERAL syndication of the Eu1.5bn revolving credit for Alstom has closed after a massive oversubscription was achieved by arrangers Chase (bookrunner), HSBC (documentation agent) and Banque Nationale de Paris (facility agent). The facility proved so successful that even though the arrangers and borrower agreed to increase the loan to Eu1.875bn, participants were still scaled back.

Australia Arrangers Citibank NA (Australia), Deutsche Bank Australia, National Australia Bank, Toronto-Dominion Australia, Warburg Dillon Read, WestLB and Westpac Banking Corporation have formed a sub-underwriting group for the A$1.26bn term loan for Energy Partnership.

BMW, one of the true European corporate blue chips, is set to return to the Euroloan market with a $2.5bn revolving credit (split between a $1.25bn 364 day facility and a $1.25bn seven year facility) that will refinance existing debt, including bilaterals, through arrangers Barclays, Chase Manhattan, Deutsche and Dresdner. However it comes back to the market paying nearly 100% more than it did on its previous visit in 1997, when it mandated Deutsche, Dresdner and Credit Suisse First Boston to arrange a $2bn revolver that paid 5bp over Libor for the first five years and 6.25bp for years six and seven.

THE LINE-UP of large new issues from top German companies is starting to loom larger, with bankers arguing that the stockmarket volatility of recent days could prove helpful. Several jumbo capital increases are already on the way --

JP MORGAN is readying a second transaction from its new Sequils-Mincs structure, a state of the art form of cashflow arbitrage CLO. The bank declined to comment, but is believed to have inaugurated the structure earlier this month with an issue of $826.46m of bonds in two tranches, conveying exposure to a $712.46m portfolio of leveraged loans.

MORTGAGE TRUST, the UK subsidiary of Irish bank First Active, this week launched its second securitisation of mortgages originated by former centralised lender The Mortgage Corporation, which Mortgage Trust bought in 1996. The collateral backing the £272m bond includes most of the assets left outstanding in six old securitisations by TMC, which Mortgage Trust has called since December, as well as £92m of previously unsecuritised TMC mortgages.

* US credit card bank MBNA looks set to claim the palm for the first securitisation of US assets in euros next week, when it launches a Eu750m five year floater, expected to price in the low to mid-teens over three month Euribor. Credit Suisse First Boston held roadshows in London, Madrid, Milan and Paris this week, and will present the deal in Frankfurt today (Friday).

INVESTORS in North America and Europe this week leapt at the chance to gain exposure to a high quality portfolio of aeroplanes, as GE Capital Aviation Services launched a $1.208bn securitisation of operating leases on 36 aircraft. "What a great deal this was," said a syndicate official at Lehman Brothers in New York, which was lead managing its first aircraft securitisation. "The bonds were two or three times oversubscribed, with global distribution to a very wide range of investors in the US and across Europe -- money managers, insurance companies and pension funds."

Liquid European option prices are readily available in all markets for a wide range of strike prices and maturities.

THE CONVERTIBLE bond market in Asia suffered a setback this week when a $100m issue for China Merchants Holdings was reduced to just $60m. China Merchants is the third successive convertible from Asia this year to be scaled back, following the DBS Bank exchangeable and Delta Electronics issue during the first quarter.

THE CHINA Development Bank (CDB) has decided to seize a window of opportunity to set a new dollar benchmark for the People's Republic, and plans to begin roadshows for a new global bond in Hong Kong on May 3. With secondary market spreads for benchmark Chinese and Hong Kong borrowers moving below the 200bp mark for the first time in over a year CDB -- formerly know as the State Development Bank -- believes that it is in a strong position to capitalise on more positive sentiment towards the country.

AUSTRALIAN non-bank mortgage lender RAMS Home Loans Pty Ltd returned to the Euromarkets this week with a $500m securitisation, lead managed by JP Morgan. RAMS made its international debut last September with a $400m deal just after the Russian default. JP Morgan had to reduce the issue from $450m, but still managed to price the senior bonds at 14bp and 17bp over three month Libor with average lives of 2.7 and 5.3 years.