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Freddie Mac last week survived debt markets battered by falling stockmarkets and widening swap and credit spreads by successfully reopening its five and 30 year Reference Securities. While other issuers felt it appropriate to postpone their transactions, Freddie Mac stuck to its programme, but sized its deals at the lower end of the range to avoid overwhelming the market at a time when there were question marks over such big supply being absorbed. The January 2005 Reference note was reopened for $2bn and the September 2029 for $1bn.

Israel Chemicals Limited (ICL), one of Israel's most prolific borrowers, is back in the loan market with a $75m five year term loan. The deal is to be arranged by WestLB. The transaction will be especially targeted at German banks, and loan officials said that it was a fine achievement for a German bank to have won the mandate.

Greenwich NatWest and Royal Bank of Scotland this week launched the first bond for over three years to finance a UK road project, with a £111.1m deal for Road Management Services (A13) Plc. The company has been formed by AMEC, Alfred McAlpine plc, Brown & Root Ltd and Dragados Concessionaires Ltd to engage in a 30 year design, build, finance and operate contract with the Highways Agency, signed this week, to upgrade and then maintain a 20km stretch of the A13 road, which connects East London with Essex.

India Industrial Credit & Investment Corp of India has awarded BA Asia a mandate for a $75m five year general working capital facility.

HSBC and Barclays this week demonstrated how far the European market for tier 1 bank capital has progressed over recent months by raising more than $4bn equivalent between them in a single day.

German bank IKB Deutsche Industriebank this week launched its first securitisation, a $534.3m collateralised loan obligation backed largely by syndicated loans to US corporates and lead managed by Deutsche Bank. Like Deutsche itself in its CAST 1999-1 CLO, IKB issued the transaction directly from its own balance sheet to avoid the legal costs of setting up an SPV.

Greenwich NatWest and Royal Bank of Scotland this week launched the first bond for over three years to finance a UK road project, with a £111.1m deal for Road Management Services (A13) Plc. The company has been formed by AMEC, Alfred McAlpine plc, Brown & Root Ltd and Dragados Concessionaires Ltd to engage in a 30 year design, build, finance and operate contract with the Highways Agency, signed this week, to upgrade and then maintain a 20km stretch of the A13 road, which connects East London with Essex.

Structured finance professionals expect a spate of high profile staff moves in the next few weeks, some of which may be team transfers. Observers said the market was buzzing with recruitment initiatives as banks jostle to establish a solid securitisation capability. Skills are in short supply and salary offers for experienced staff are rising. Two houses tipped as keen to hire are Donaldson, Lufkin and Jenrette and Merrill Lynch.

Rabobank will next week launch an innovative synthetic CBO, lead managed by Lehman Brothers, to leverage its return on a portfolio of triple-A and triple-B CBO tranches. Equinox Funding will issue $121.875m of notes, with proceeds invested in triple-A rated, zero risk weighted bonds. The vehicle will engage in a credit default swap with Rabobank, conveying the risk on a $750m CBO portfolio that Rabobank is amassing through its New York and London offices.

In June 1998, after long years of debate, the Financial Accounting Standards Board issued its new standard on derivatives, Statement No. 133, Accounting for Derivative Instruments and Hedging Activities.

Hong Kong The Nasdaq sell-off and volatility in Hong Kong has caused lead manager HSBC Investment Bank to postpone the planned listing of ColbyNet Ltd on the Hong Kong Stock Exchange. The company began its roadshow last week and was hoping to raise at least HK$2.71bn.