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HVB and Merrill Lynch this week began roadshowing a rare French commercial mortgage backed deal - a Eu965m securitisation of 97 properties located in and around Paris.

Platform Funding, a mortgage lender owned by Britannia Building Society, drew spreads in the non-conforming asset class further in with a £400m securitisation of repayment and interest-only mortgages, closed by RBS Financial Markets last Friday.

The South African MBS market reawakened this week when SA Home Loans, the country's first issuer, closed the first deal of 2003, a R2bn ($287m) offering arranged by Standard Corporate and Merchant Bank.

Lehman Brothers this week completed the second issue from its Windermere commercial mortgage conduit programme, securing tight pricing for both the dollar and the sterling tranches.

Banca IFIS, a factoring company based in Mestre in northern Italy, this week closed a Eu250m securitisation of factoring receivables via Crédit Agricole Indosuez.

ABN Amro Bank last Friday launched a self-led synthetic collateralised debt obligation on a Eu5bn portfolio of credit exposures under derivative contracts between the bank and its clients, including interest rate and currency swaps.

Merrill Lynch is expanding its loan capital markets group with the addition of Bill Gates as a managing director.

HSBC has hired two senior foreign exchange executives to head its emerging market options and corporate and institutional structuring business. Vincent Craignou, head of global fx options at ING in London, will be a director and global head of emerging market options, while John Bradley, v.p. in fx options at AIG Trading Group in Greenwich, Conn., joins as head of corporate and institutional fx derivatives structuring for the Americas in New York.

Anchorage Capital Group, a New York-based start-up run by former Goldman Sachs bank debt honchos Kevin Ulrich and Tony Davis, has begun to take in money from outside investors.

Owens Corning has held its ground this week despite indications that asbestos legislation would not be passed in its current form.

The huge potential of the mainland Chinese derivatives market was a major talking point at the International Swaps and Derivatives Association's Asia-Pacific Regional Conference Monday. One of the most significant developments is an opening up of which firms can trade derivatives. How-Chih Lee, director of fixed income and credit structuring at Credit Suisse First Boston in Hong Kong, said, 'Following the introduction of new derivatives measures, foreign banks will be able to apply for derivatives licenses.'