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Egg Banking plc became the first foreign bank to take advantage of German government backed Kreditanstalt für Wiederaufbau's 0% risk weighting in a residential mortgage securitisation.

RBC Capital Markets this week inaugurated a new programme, Harbour Funding Ltd, to provide capital markets finance to UK housing associations.

Morgan Stanley launched on Monday a third collateralised debt obligation managed by AIB Acquisition Finance. Galway Bay BV offers exposure to a pool of mainly senior secured and mezzanine loans.

BNP Paribas and Morgan Stanley this week launched BNPP's second managed CLO of senior and mezzanine leveraged loans.

Dresdner Kleinwort Wasserstein on Wednesday launched Alexandria Capital plc, a synthetic collateralised debt obligation (CDO) referencing a static portfolio of triple-A asset backed securities.

Chicago-based hedge fund giant Citadel Investment Group has hired Anand Parekh, managing director and head of Deutsche Bank's North America structuring group, which spans credit and interest-rate derivatives in New York. Officials familiar with the move are interpreting it as a signal that the USD8.5 billion fund is beefing up its structured credit presence, especially as it comes hot on the heels of Vladimir Finkelstein, derivatives researcher at Goldman Sachs, joining in a senior credit analytics position. Institutional Investor magazine's 2003 hedge fund rankings put Citadel as the third largest hedge fund in the world.

Stressed names in the bank loan market were softer this week following the high-yield market. Names that were particularly under fire were those with some type of corresponding bond. "They're basically bonds with a credit agreement," said a trader of these names, which include Qwest Corp. and Calpine Corp. These names also have more non-traditional institutional loan investors such as hedge funds, noted one dealer.

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