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Rating: Aaa/AAA Amount: £100m (fungible with six issues totaling £1.35bn first launched 27/07/99)

Rating: Aaa/AAA Amount: Ck2bn

Compiled by Stephanie Weedon, HSBC Bank plc, London Tel: +44 20 7336 3525

Capitalia has thrown the bidding to lead Trevi 4, its planned securitisation of non-performing loans, into doubt by announcing that it is looking at non-recourse alternatives to a securitisation. The bank, one of the first and most established issuers in the Italian non performing loans (NPL) market had been planning to clean up to Eu2.6bn NPL from its balance sheet, and began a mandate process in early October.

SA Home Loans, South Africa's largest non-bank mortgage lender, this week breathed life into the South African mortgage market with a R1bn ($100m) securitisation lead managed by JP Morgan and Standard Corporate and Merchant Bank (SCMB). SA Home Loans was the first South African mortgage lender to use securitisation when it launched its inaugural deal in November last year, also lead managed by JP Morgan and SCMB.

The SLM Corporation, the US student loan service better known as Sallie Mae, this week launched its first student loan securitisation to include euro denominated paper, via Credit Suisse First Boston and Citigroup/SSSB. The Eu500m tranche was sold alongside $1.5bn of paper in the US through the SLM Student Loan Trust 2002-7.

Dresdner Kleinwort Wasserstein this week brought securitisation to over 2,000 Sicilian companies with a Eu149m repackaging of employment contributions from the region of Sicily. The securitisation pools employment contributions owed by Sicily to the companies to boost employment and fuel economic growth in the region. (see Euroweek 777). Since the contributions have been structured as a direct obligation of the region to the SPV, the bonds are eligible for a 20% risk weighting.

Lukoil attracted over $4bn of demand for a $350m convertible this week, as it geared up to bid in the privatisation of oil firm Slavneft. The scarcity of new equity-linked offerings and the growing interest in Russian stocks combined to make for a highly successful deal for bookrunners Morgan Stanley and UBS Warburg.

Bookrunner Morgan Stanley expects to launch the first securitisation of Finnish forests next week from Stora Enso. Price guidance is 100bp on the Eu77m single-A tranche with an average life of 2.5 years and a four year expected maturity. The triple-B tranches, one fixed, one floating, are being offered at around 225bp-250bp with 22.7 year average lives.

Capital Home Loans (CHL), the UK mortgage lending subsidiary of Irish Life & Permanent, launched its third residential mortgages securitisation this week after a two year absence from the market. The £400m transaction, lead managed by RBS Financial Markets, was reduced from £561.9m. Volatile market conditions and negative press surrounding the buy-to-let sector weakened investor appetite. Some 64% of the pool is comprised of buy-to-let mortgages.

Banca Monte dei Paschi di Siena (BMPS), one of Italy's most regular issuers in the Italian asset backed market last year, this week returned to its mortgage programme with a Eu1.6bn securitisation of mortgages for four of its banking subsidiaries. Lead managed by Citi-group/SSSB, Credit Suisse First Boston and MPS Finance, the deal is the largest residential mortgage backed securitisation to emerge from Italy, and precedes a jumbo Eu6.6bn securitisation of residential and commercial real estate from the Republic of Italy.

UK tenanted pub company Pubmaster Ltd this week tapped its securitisation for a second time, raising £535m from eager investors. Barclays Capital, Lehman Brothers and WestLB were joint bookrunners on the transaction, which follows the original £305m securitisation in June 1999 and a £109m tap in Februrary 2000. "All the tranches were comfortably oversubscribed," said Richard Mann, head of syndicated at Barclays. "There was a lot of interest from classic sterling fixed income investors, and there were some overseas accounts in the short and the long tranches."