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Hungary Arrangers Bayerische Landesbank, Citibank, Deutsche and Sumitomo have signed the $150m five year revolving credit for Magyar Olaj-es Gazipari (Mol).

The mandate for Sydney Airports has been awarded to Barclays Capital, Chase Manhattan Bank and Australian Mutual Provident Society (AMP). The arrangers launched the deal to between six and eight co-arrangers last week, asking for commitments of A$75m apiece. Presentations were held yesterday (Thursday) in Sydney.

BAYERISCHE Landesbank and SEB Debt Capital Markets have won the mandate to arrange a $500m multicurrency revolving credit for Birka Energi AB. The loan has a five year maturity and carries a margin of 32.5bp over Libor for the first three years and 35bp for years and four and five.

* CIBC World Markets has hired Jonathan Rowland as an executive director in acquisition finance, reporting to Christopher Rist, managing director and head of European acquisition finance and LBO sponsor coverage in London. Rowland was formerly at Barclays Capital, where he was a director in leveraged finance and head of its US financial buyer group. He takes up his position on June 1.

* Bankers Trust will likely price its £230m securitisation for Tussauds Group, the UK company that operates theme parks, waxworks museums and other attractions, today (Friday). CIBC World Markets, Deutsche Bank, Morgan Stanley Dean Witter and West LB will act as co-managers. The 25 year Euro/144A deal will offer three single-A rated tranches and one rated triple-B, by Fitch IBCA and Moody's. The £50m class 'A1', with a 6.5 year average life, and £20m 'A2' bonds, with an average life of 11.4 years, will both be priced over three month Libor.

ABN AMRO and Deutsche brought this week the third securitisation of Volkswagen auto leases, after a gap of almost three years since the first two deals. Volkswagen Car Leases No 3, a Eu500m, two tranche issue follows Ford's Globaldrive securitisation last month of European auto leases. The first two Volkswagen deals were launched in 1996. "VW had no funding need for ABS deals in 1997 and 1998," said Hans-Jürgen Fritz, director and head of German securitisation at ABN Amro.

GREENWICH NatWest has introduced a new funding vehicle for UK housing associations with a £94.25m deal for RSL Finance (No 1) Plc. The transaction securitises loans made to two housing associations, Springboard and Beacon, which in turn are secured on a portfolio of residential social housing. The vehicle is authorised to originate further loans itself, or to acquire assets of Greenwich NatWest. "We have assets that are potentially very fungible," said Paul Townsend, assistant director in asset securitisation at Greenwich NatWest. "It will not be a regular issuer, no more than once every 12 months, but we would like to see a growth factor. Above all we must be sure that there is no degradation of the pool."

CEVAL Alimentos, Brazil's leading soy product exporter, has secured $225m of three year financing, becoming the second major non-financial Brazilian corporate to tap the international markets since the January devaluation. Following in the footsteps of media company Globo, Ceval turned to the securitisation market to attract the cheapest possible financing at a time when the plain vanilla bond markets are shut to all but the best Latin corporates.

GMAC launched its first plain vanilla securitisation of dealer floor plan receivables since 1996 this week, taking advantage of scarcity to pique US interest, and along the way pulling in some international buyers too. Launched via special purpose vehicle GMAC/SWIFT 1999A, the triple-A rated $750m bond was sold at 12.5bp over Libor on a 4.99 year average life, slightly tighter than initial price talk of 13bp or 14bp over.

There are two fundamental approaches to valuing risky debt and associated instruments.

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