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HVB and Merrill Lynch launched yesterday (Thursday) a Eu965m securitisation of two loans secured on 100 mostly residential properties in Paris. The deal was arranged by Merrill Lynch.

Marketing has started for the Italian treasury's Eu4.8bn securitisation of loans to civil servants and public employees originated by public entity INPDAP, a deal that the ABS world has nervously been waiting for since the third quarter.

Germany

RBC Capital Markets and Morgan Stanley are to shortly begin marketing a large bond issue to finance the redevelopment of the UK defence ministry's Colchester Garrison.

J.P. Morgan and Wachovia Securities have increased the dividend for The Carlyle Group's portfolio company Empi Corp. to $62 million from $47 million.

Merrill Lynch is said to be close to pricing the notes backing a collateralized loan obligation (CLO) for Prudential Financial's leveraged bank loan group. The

AaiPharma, a science-based pharmaceutical company, is tapping the bank debt market to back the acquisition of a portfolio of pain management products from Elan Corp. for $100 million.

The bank debt for Viasystems Group popped up on rumors that the company may be looking to complete a second-lien deal that will take out its "A" piece and part of its "B" loan.

Dresdner Kleinwort Wasserstein has integrated its portfolio trading group into its U.S. equity operation and formed a committee comprising four U.S. equity heads briefed with formulating a strategy to develop and grow the firm's U.S. equity franchise. Meanwhile Tim Clorite, global head of portfolio trading and head of U.S. equities in New York, has exited the firm, said Karen Laureano-Rikardsen, spokeswoman in New York. Tom Jardine, head of U.S. distribution of derivative products and programs, is taking over Clorite's portfolio trading responsibilities as global coordinator for portfolio products, in addition to being a member of the committee.

The Spanish government gave synthetic securitizations the go ahead when it passed a law in September, but, the Bank of Spain has not yet indicated whether it will grant issuers regulatory capital relief, according to officials familiar with the situation.

BondWeek is the leading news publication for fixed-income professionals, covering new deals, structures, asset-backed securities, industry and market activity.