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The US structured finance market is running at a high pitch of innovation as bankers, lawyers and accountants rack their brains to find solutions to the endlessly complex web of rules thrown in their path by the Financial Accounting Standards Board.

Air France this week launched the first enhanced equipment trust certificate-style aircraft transaction since 2000, with a wrapped Eu615m securitisation of 16 aircraft arranged by Crédit Lyonnais.

ABN Amro this week arranged a rare securitisation of German trade receivables for Bayer.

North British Housing, the UK's largest housing association, this week came to market with a rare secured mortgage bond via Dresdner Kleinwort Wasserstein.

Deutsche Bank this week launched a £53.496m deal for Consort Healthcare (Blackburn) Ltd. The bond will help fund the construction of an extension to the Queen's Park Hospital near Blackburn and refurbish part of the existing hospital.

Deutsche Bank this week joined the growing band of investment banks who have imported US-style commercial mortgage loan conduits into Europe.

Fans of football securitisation were disappointed this week when UK club Chelsea FC cancelled its planned securitisation this week - just days before it was due to be marketed.

Despite much talk of currency diversification, central banks in Asia still prefer to hold the greenback. By Pauline Loong

Kaleidoscope

An interest-rate cut from Alan Greenspan worries investors more than the nuclear threat of an unpredictable dictator in North Korea – or so the financial markets seem to be saying. By Pauline Loong.

ASIA IS SET to lose one of its M&A stalwarts. Morgan Stanley's M&A head Harry van Dyke is to return to New York where he will be in charge of M&A for financial sponsors. Van Dyke, who arrived in Asia in late 1997 has overseen some difficult times in Asia. But his stint in the region also provided him – and Morgan Stanley – with a wealth of opportunities, reflected in the enormous expansion of the firm's M&A team from four to 40 during his tenure. Gokul Laroia the company's co-head of telecoms banking in Singapore, will transfer to the Hong Kong office to take van Dyke's place.

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