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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.