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FRENCH WELFARE agency Cades this week signed a Eu10bn Euro-MTN facility in the first of a series of steps aimed at expanding its funding options in the international capital markets. The facility will be followed up by an SEC shelf registration, enabling the agency to tap the US bond market, and at a later stage by a Japanese shelf registration. The US shelf registration is expected to be completed in the next few days.

Argentina BankBoston NA, Credit Suisse First Boston, Crédit Lyonnais and ING Barings are in the market with a $150m three year refinancing for Multicanal. The facility is priced at 212.5bp over Libor and amortises in equal semi-annual instalments after one year's grace.

What is going on at SBC Warburg Dillon Read, one of the least happy hunting grounds in the Euromarkets at the present time? Is it true that the bank has been using the legendary Andy Siciliano for target practice and may even have asked whether he would like to be a human cannonball? As one of the guiding lights from O'Connor, which now runs most of the SBC show, we had always assumed that Siciliano was one of the very few people within the bank who didn't have to wear body armour. Was Siciliano blamed for making a total cock-up of the SBC Warburg-UBS integration in London? We have rarely seen a situation handled so ham-fistedly or incompetently. Recriminations have been rife on both sides and even the SBCW employees have been firing poisoned arrows at their own negotiators who are supposed to be in the driving seat.

Deutsche MG shakes up global markets division DEUTSCHE Morgan Grenfell has made a number of senior appointments in its global markets division in London.

LEHMAN Brothers will launch a $1.7bn collateralised loan obligation for Sanwa Bank on Monday. Excelsior Master Trust Series 1998-1 was roadshowed in London and New York this week. Lehman will be hoping to achieve a smoother sale than Sumitomo's Wings $2.4bn CLO, which Goldman Sachs lead managed two weeks ago. That transaction came wider than price talk, and secondary spreads have widened further.

* Société Générale and Bankinter placed the third and last tranche of the innovative financing for five universities in Valencia this week. The Pta15.5bn 15 year domestic deal was sold "more or less at par" with a coupon of 5.55%, according to a syndicate official at one of the leads. That approximate pricing equates to 20bp over the January 2013 Bono.

IBJ INTERNATIONAL brought the first securitisation of Japanese assets in French francs this week, with a Ffr1bn auto loan deal for Nissan Credit Corp. The transaction opens up a new swathe of European investors for Japanese ABS product, and confirms the volume of supply coming to the Euromarkets from the Japanese non-bank sector. This year has already seen deals of $397m from Japan Leasing, $200m from IBJ Leasing and $300m from Orient Corporation.

BANKERS Trust brought the second long term securitisation of UK public house revenues this week when it launched a £535m deal for Punch Taverns. The transaction refinances Punch Taverns' £590m acquisition of 1,428 pubs from UK brewer Bass, agreed last summer. The sale was recently completed with bridge financing in the form of a loan from Bankers Trust and Morgan Stanley Dean Witter.

AN UNDISCLOSED Australian non-bank lender brought its third repackaging of corporate loans to the Euroyen market this week. Marcel Underwriting (No 1) Pty Ltd, a special purpose vehicle registered in Australia, sold ¥34bn of six year bullets through Sanwa International. All the bonds were preplaced.

SBC WARBURG Dillon Read and UBS have decided the structure of their merged securitisation teams, and they are expected to announce it in the middle of next week. Both banks declined to comment, but it is believed that Peter Shorthouse, head of securitisation at SBC Warburg, will be made head of European securitisation, but that there will be no global head. Fazel Ahmed, a relatively junior member of UBS's London securitisation group, will oversee business in Asia.

ST GEORGE Bank this week became the third Australian home lender to securitise mortgages in the Euromarkets. Deutsche Morgan Grenfell brought $500m of floaters for Crusade Eurotrust No 1 of 1998. The $496m of class 'A' notes, rated triple-A by Moody's, Standard & Poor's and Fitch IBCA, came at 18bp over three month Libor with a 3.5 year average life.

CITIBANK returned to the Swiss franc market this week with a Sfr750m credit card deal led by Credit Suisse First Boston. Citibank Credit Card Master Trust Series 1998-4, rated triple-A by Moody's, Standard & Poor's, Duff & Phelps and Fitch IBCA, carries a coupon of 3.25%. The coupon switches to one month Libor flat if the bond is still outstanding after the expected maturity date of October 16, 2006.