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UK lender Kensington Mortgage Company returned to the market this week with its 14th securitisation of non-conforming mortgages, brought by Barclays Capital and Morgan Stanley. The issuer was unfortunate in its timing, as the need to sell the bonds before the war broke out in Iraq resulted in a short marketing schedule.

Crédit Agricole Indosuez, Credit Suisse First Boston and SG this week brought the largest Spanish mortgage securitisation of the year in a Eu1bn issue for Caja de Ahorros del Mediterráneo. TDA CAM-1 suffered from a marketplace crowded with repeat issuers, offering a spread of 28bp over Euribor at re-offer, at the wide end of price talk. "It is unquestionably a busy market in a volatile time," said Eve Flotron, ABS syndicate official at CSFB in London. "CAM is a sound credit story, appreciated on roadshow, but when you're in the market at the same time as three big repeat issuers, you have to offer investors something to do the credit work. We wanted fair value for everyone."

Abbey National this week returned to its Holmes master trust programme, taking advantage of strong dollar demand to sell $3.5bn of bonds after a week of marketing. Lead managed by Citigroup/SSSB and JP Morgan, Holmes Financing No 7 marks the end of a long quarter for UK MBS master trust issuers, with two large issues from Northern Rock and HBOS this year. The recent heavy issuance, combined with fears over UK house prices, has pushed out spreads in euros and sterling, particularly at the lower end of the capital structure.

Ricardo Pascoe, global head of foreign exchange, fixed income and alternative investment strategies at Commerzbank Securities in London, has been named acting managing director and head of the London office following the departure of Martin Bell. Neil Brazil, spokesman in London, said Pascoe will keep his responsibilities while the firm fills Bell's position with an internal or external candidate. Pascoe was travelling and did not return calls by press time and Bell could not be reached.

Levels for HealthSouth Corp.'s bank debt plummeted roughly 30 points after reports indicated the Securities and Exchange Commission has charged the company and Richard Scrushy, its chairman and ceo, with massive accounting fraud. Traders said the bank debt is pari passu with the company's bonds, which were quoted in the mid-80s yesterday, but have since sunk to the 45-50 context after the civil case was filed. No trades could be confirmed. The charges indicate that HealthSouth overstated its earnings by $1.4 billion since 1999 in order to meet earnings expectations.

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

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

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

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

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

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

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