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Banca Antoniana Popolare Veneta returned to its Giotto mortgage programme last week, bringing Eu685m of residential mortgages via ABN Amro. BAPV has been a regular issuer in the Italian ABS market since its debut securitisation in November 2001, closing two non-performing loan deals, as well as a prime Eu1bn RMBS securitisation in April last year - at the time one of the largest in the asset class.

Banco Santander Central Hispano and SG expect to launch the Spanish bank's Eu1.08bn consumer loan securitisation on Tuesday. There is no official price guidance yet. FTA Consumo Santander 1 follows an Eu850m consumer and auto loan deal closed by the group's subsidiary in December last year via JP Morgan.

The Italian residential mortgage market leapt ahead this week as Banca Intesa launched a new benchmark Eu2bn securitisation, closing heavily oversubscribed across the capital structure. Lead managed by Caboto-IntesaBci, Crédit Agricole Indosuez and Morgan Stanley, the deal beats all precedents for size - the closest deal is Banca Monte dei Paschi di Siena's Eu1.6bn deal closed in November last year.

The Italian region of Lazio this week used structured finance techniques to raise Eu1.1bn, clearing its past healthcare deficit. The deal is the first in a series of sale and leaseback securitisations of regional hospitals to come from the region the year. Arranged by Merrill Lynch and MedioCredito Centrale, and joint lead managed by Barclays Capital, Deutsche Bank and Lehman Brothers, the deal confirms the increasing sophistication of Italian regions in the ABS market. Sicily has recently closed two repackaging deals to fund employment and healthcare contributions and the region of Friuli-Venezia is planning a Eu100m real estate securitisation.

The war of the UK mortgage master trusts continued this week as HBOS made a successful return to its Permanent Financing programme, closing oversubscribed on all tranches. Lead managed by JP Morgan and Lehman Brothers with joint books Credit Suisse First Boston and Deutsche Bank on the senior tranches, Permanent Financing 2 closely follows a £3bn deal from Northern Rock in January.

Spain's mortgage securitisation market opened for 2003 this week after a long wait with the launch of Banco Pastor's debut standalone deal by Bear Stearns. Whereas several of the deals launched towards the end of last year were held at least in part as repo collateral, TDA Pastor No 1 was fully sold. The deal featured a number of innovations seen for the first time in the Spanish market. A non-accelerated interest-only strip was attached to the Eu47.5m longer dated senior notes, a feature normally only seen on UK non-conforming mortgage deals.

Global Crossing is actively trading in the street this week with pieces of all tranches trading flat in the 18-19 context. The latest movement comes as reports indicate that IDT Corp. will make a $255 million bid for the company. Although the bankruptcy court has already confirmed a reorganization plan whereby Hutchison Telecommunications Limited and Singapore Technologies Telemedia would invest $250 million in exchange for a 61.5% ownership position, this deal may come under fire due to national security concerns.

Andrew Constan, global head of equity derivatives at Salomon Smith Barney, is leaving the firm. "I am leaving on the best of terms," said Constan, adding that the decision was motivated by a desire to change his lifestyle. Constan said he has no immediate plans to join a competitor and has made no final decision regarding future plans. Joe Elmlinger, global head of sales and structuring in equity derivatives, will take over the head role. Elmlinger did not return calls left with his assistant. Duncan King, a spokesman at SSB in New York, declined comment.

By Tom Groenfeldt

ABN AMRO is structuring a synthetic securitization referenced to airplane leases, which it expects to price this quarter. John Mullen, head of global structured credit markets in London, said the deal is likely to be over USD1 billion and privately placed, but declined further comment.

BNP Paribas has hired Sunny Park, a researcher in the structured finance research team at Fitch Ratings, in a similar role for its credit research group in Hong Kong. Park, who starts this week, said she will collaborate with the ABS and CDO origination teams and report to Andrew Freris, chief economist and head of fixed income research in Hong Kong. Freris declined comment.

Bank One is setting up a Korean interest rate derivatives business onshore in Seoul, according to officials familiar with the firm. "The bank has been quite active in the asset-backed security market and is now looking at expanding its product range," said one market official familiar with its plans. The firm currently offers foreign exchange derivatives. H. H. Moon, treasurer in Seoul, declined comment.