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Senegal West Merchant has closed syndication of a Ffr150m nine month pre-export financing facility for Société Nationale de Commercialisation des Oléagineux du Sénégal. The loan, which has a margin of 90bp above Pibor, was oversubscribed in syndication but not increased. Joining the deal with takes of Ffr25m each for participation fee of 20bp were Banque Belgolaise, Banque Nationale de Paris, Crédit Agricole Indosuez, Crédit Lyonnais, Natexis Banque (London branch). Agent and security trustee bank was Crédit Lyonnais.

GERMAN blue-chip insurer Allianz stormed the Euromarkets this week with a blow out DM2bn 10 year benchmark issue -- the biggest ever Deutschmark corporate bond. The deal paves the way for Allianz's 1998 funding programme and successfully banished memories of last July's poorly received DM1.5bn transaction. Allianz plans to launch a French franc or euro tranche of the euro-fungible deal soon -- the proceeds of which will help finance the company's acquisition of French insurer AGF.

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.

MORGAN Stanley Dean Witter successfully completed its $2.4bn Airplanes Group refinancing at the end of last week. The deal refinanced four tranches of the original $4.048bn 1996 securitisation of 229 aircraft leases for Ireland based GPA, extending the maturity of the debt and lowering the interest cost.