China: Hong Kong’s MTR Corp has raised HK$1bn through a fixed rate note issue, split into equal tranches of four-year notes with a coupon of 7·28% per annum and five-year notes at 7·43%. A further US$750m has been provided by a 10-year global bond issue.

Europe: Eurotunnel has completed the refinancing of its Senior Debt, which should lead to a reduction in financial charges of around £5·5m a year. The company has been able to reduce its total debt by 2% through the repurchase for £38m of Participating Loan Notes with a face value of £134m that were trading at a significant discount.

Great Britain: HSBC Markets and Warburg Dillon Read have placed two tranches of government-guaranteed eurosterling bonds with institutional investors to finance construction of the Channel Tunnel Rail Link. Maturing in 2028/2038 and 2010, they will provide £2·65bn to fund work on Section I of the CTRL.

GL Railease is to lease Thrall Europa wagons worth £18·5m to English Welsh & Scottish Railway. Thrall was to complete deliveries of a batch of 310 steel coil wagons by the end of February.

Mongolia: The World Bank and Japanese lenders are to provide soft loans to fund the purchase of two locomotives, 30 coaches and 455 wagons for Mongolian Railway.

New Zealand: Tranz Rail Holdings has reported a net profit of NZ$13·1m for the six months to December 31 1998, down from the NZ$21·5m recorded the previous year. Operating profit was NZ$27·4m and total revenue NZ$283m.

USA: Norfolk Southern has reported net income of $734m for 1998, before Conrail-related items totalling $156m. Operating revenue for 1998 was $4·22bn against operating expenses of $3·17bn.