Australia: Evans Deakin Industries Ltd has completed a placement of 8·99million fully-paid ordinary shares with institutional investors, at an issue price of $4·20. Representing 9·99% of the company’s issued shares, the placement raised $37·75m.

Canada: Canadian National Railway Co is to issue up to US$1·8bn in debt securities and warrants to purchase CN debt securities. The proceeds were to repay bank debts incurred by CN’s cash tender for 75% of Illinois Central (p275).

France: Réseau Ferré de France has unveiled plans to raise Fr12bn to Fr16bn of its 1998 Fr15bn to Fr20bn funding programme from the international bond market and domestic issues in France and Switzerland.

Hungary: The government is to allow Hungarian State Railways to take out a DM60m loan from Kreditanstalt für Wiederaufbau of Germany. Part of the loan will be used to fund the purchase of diesel railcars for MAV branch lines.

The European Investment Bank has signed an agreement to lend Budapest Transport ECU200m in three tranches. Guaranteed by the Hungarian government, the loan will fund construction of the city’s fourth metro line (RG 4.98 p214).

India: Indian Railways Finance Corp, an Indian Railways subsidiary, has been given a revised market borrowing target of Rs26bn, up by Rs4·5bn. Due to a poor response from the private sector, IR has halved its target of raising Rs9bn from build-operate-lease-transfer schemes.

Italy: The European Investment Bank has advanced a loan of 700bn lire to Treno Alta Velocità SpA. The loan will finance construction of the Roma - Napoli and Firenze - Bologna high-speed lines.

South Africa: The Japanese government has agreed to lend South African Rail Commuter Corp R250m to fund the acquisition of new rolling stock for the Johannesburg area.

USA: The Federal Transit Administration announced a grant of $108m to the Metropolitan Atlanta Rapid Transit Authority on April 7, to fund the 3 km extension of the North Line metro to North Springs.