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The Banco Sentral ng Pilipinas (BSP) built on the success of its innovative Libor/T-Bill pass-through note with the launch this week of a second transaction via ING Barings. Completed on a private placement basis, the bank raised a further $250m via a two year issue with a modified structure reducing foreign exchange rate risk.

Reseau Ferré de France (RFF) opened its borrowing programme in grand style this week with a Ffr10bn multicurrency revolving credit and a Ffr6.5bn bond package. Bankers involved in both transactions said their success highlighted the demand for high quality, low risk-weighted assets. RFF is a new établissement public industriel et commercial (EPIC) created by hiving off the railway network infrastructure previously owned by SNCF. In future, RFF will manage the rail tracks and the stations, while SNCF will be responsible for the rolling stock and operating the rail network.

Corporates Arrangers Deutsche Morgan Grenfell and Citibank International have launched syndication of their £975m five year multicurrency revolving credit, guarantee and sterling acceptance facility for Amersham International plc.

West Merchant Bank has quietly started to invite banks to step forward with modest participations of $3m each towards the first loan facility to emerge this year from a Ukrainian public sector borrower - and the third this year from Ukraine. The $20m one year term loan, which has a one year extension option, is for the 100% state-owned Export-Import Bank of Ukraine (Ukreximbank), and is priced at 425bp over Libor.

* State Bank of New South Wales Guarantor: State of New South Wales

* Bayerische Vereinsbank Rating: Aa1/AA+

* Colt Telecom Group Rating: B3/B

* European Investment Bank Rating: Aaa/AAA

* European Investment Bank Rating: Aaa/AAA

* BACB (Jersey) Ltd Guarantor: British Arab Commercial Bank Ltd

The demise of Yamaichi and fears that there will be further Japanese bank closures had little impact on the mainstream dollar markets, with the exception of bonds for Japanese issuers. Sentiment has improved for the second week running as investors continue to buy sovereign and supranational paper. These more benign market conditions prompted the EIB to reopen its 6.125% 2002 issue raising $250m at 18bp over Treasuries. The deal now totals $750m.

* Hellenic Republic Rating: Baa1/BBB-