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India Arrangers ABN Amro Bank NV and BA Asia have launched a seven year, $37.445m bullet loan for Reliance Industries.

PROJECT contracts were signed at a ceremony last week for the Edinburgh Royal Infirmary and University of Edinburgh Medical School private finance initiative (PFI) project by the concession holder, Consort Healthcare (Edinburgh Royal Infirmary) Limited and the awarding health authority, Royal Infirmary of Edinburgh NHS Trust. Shareholders in Consort, advised by Deutsche Bank, are BICC, Morrison Construction and Royal Bank of Scotland.

Argentina Dresdner Bank Luxembourg and Warburg Dillon Read have been mandated to arrange a $200m three year loan style FRN for Yacimientos Petroliferos Fiscales SA (YPF).

INVESTORS will be offered their first chance to buy an inflation linked government bond in an Emu currency on September 15 when France launches the first OATi. The introduction of the inflation indexed bonds is the latest step in France's battle to add lustre to its government bond market ahead of Emu. Although most euro denominated transactions are priced over OATs, the strength of recent interest in Bund futures has underlined Germany's growing status as the benchmark issuer in the euro zone.

THE RUSSIAN syndicated loan market collapsed this week as political and economic turmoil, loan defaults and the revoking of certain banking licences destroyed any lingering confidence of its ability to survive last week's central bank imposition of a 90-day debt moratorium on foreign commercial credits. Lenders cut all credit lines and pulled any transactions still in the market. Many predict that most of these lines will not be reopened for three years, at the very least.

TRIBUTES have been coming in from all over the world for George Cornelissen, whose death from a heart attack while walking in the Austrian mountains with his family has shocked the Euromarkets. He was only 54 and at the pinnacle of a brilliant career. It wasn't simply that George Cornelissen was very popular, although he had a natural charm which enabled him to make friends very easily.

SERVUS Holdings Ltd, a property management company owned by Nomura International's principal finance group, is to acquire the UK facilities management business of construction consultancy Turner & Townsend Group for £4.5m. Nomura aims to strengthen its hand in bidding for large property portfolios. The UK government has announced it will divest some further property estates, including the 750 buildings occupied by the Inland Revenue and Customs & Excise. Expressions of interest for that sale are to be solicited in the second quarter of 1999.

ROBERT Palache, managing partner of Clifford Chance's London finance practice and one of the most experienced securitisation lawyers in Europe, is to join Nomura International's principal finance group as joint head of securitisation. Working with Henry Cooke, who has responsibility for sales and trading, Palache will focus on structuring and origination. He will start work on December 1 with the title of director.

* Singer & Friedlander Capital Markets is to be bought out by its management in a deal to be completed by around the end of September. The 25-strong unit is best known as adviser to Asset Backed Capital, a leveraged investment company with $4.2bn under management, and historically a substantial participant in asset-backed markets. "The time had come when we felt it was right for us to go our own ways," said Tim Lyons, a director at S&F Capital Markets. He said that when the company started five years ago it had been aimed at advising corporates on structured transactions; it had since largely developed into a fixed income fund manager.

MBNA International Bank, the UK subsidiary of US credit card issuer MBNA, launched its sixth securitisation this week, a £250m five year floater lead managed by Barclays Capital. "The deal went very well in a volatile market," said a syndicate official at Barclays in London. "At 15bp it would have been a blowout, but at 14bp, in the middle of price talk, the paper was still oversubscribed. MBNA is very responsible in the way it approaches the market -- it knows it will have to come back to the market, and prices to achieve good secondary market performance."

* Tokyo Leasing made its debut in the Japanese asset backed bond market this week with a ¥50bn deal lead managed by DKB Securities. A member of the DKB group, Tokyo Leasing is one of the larger leasing companies in Japan, and has securitised leases in the domestic asset backed commercial paper market.

Last week we looked at alternative measures for risk measurement.