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Guarantor: Dexia Crediop SpA Rating: Aa3/AA-

Credit Suisse Group has recruited former Dresdner Kleinwort Wasserstein boss Leonhard Fischer to plug the hole in its insurance business. Fischer becomes chief executive officer of Winterthür. He has denied suggestions that he was brought on board to find a buyer.

Credit Suisse Group has recruited former Dresdner Kleinwort Wasserstein boss Leonhard Fischer to plug the hole in its insurance business. Fischer becomes chief executive officer of Winterthür. He has denied suggestions that he was brought on board to find a buyer.

The bidding for the Eu150m-Eu200m five year facility for Privredna Banka Zagreb is getting intense with pricing set to be the deciding factor. As a result, some banks are now dropping out the bidding. WestLB, for example, has pulled out of its group, leaving just three banks - Standard Bank London, Bank Austria, and Sumitomo.

Credit Suisse First Boston helped BT Group to sell its remaining £122m stake in the interactive television group BSkyB this week in a rapidly completed sale. The offering was launched on Monday morning. The books for the issue were fully covered within 20 minutes. The sale marks the end of BT's interest in BSkyB, a stake it has held since 2000.

Syndication of the Ck2.66bn four year term loan for Bivideon is progressing well. Mandated arrangers ING, Standard Bank and Bank Austria Creditanstalt expect the deadline for responses to slip, but are confident about the deal's prospects. The loan pays a margin of 150bp over Pribor.

Rating: A2/A- Amount: Eu450m (increased 13/11/02 from Eu300m)

Rating: A1/A- Amount: Eu200m lower tier two capital

Fintech, a South African office equipment financier, this week reinforced the growing popularity of securitisation in South Africa by launching a R653m ($66.4m) deal backed by office equipment leases, lead managed by JP Morgan. Fintech is part of a small but growing number of domestic corporate issuers to emerge since a regulatory change in December 2001 broadened the existing framework to allow corporates to issue asset backed securities. The deal provides the funding for a wider corporate restructuring, allowing Fintech's management and Genbel Securities to acquire 66% of the business. Altron, the company's previous owner, will retain a one-third share in the business, as well as the equity in the securitisation vehicle through a R27m subordinated tranche.

Well known Dutch issuer SNS bank is returning to the market before the end of the year. ABN Amro and JP Morgan have started roadshows for Hermes V, the fifth securitisation of residential mortgages from the programme. The Eu1.1bn transaction comprises three tranches of notes with a legal maturity of October 2034. A Eu1.02bn triple-A tranche has an average life of 5.33 years. An Eu62.5m single-A tranche and Eu17.5m triple-B layer have average lives of 8.17 years. Coupons step up in January 2011.

KBC Financial Products this week closed its second managed synthetic collateralised debt obligation, a Eu1bn transaction led by joint bookrunners HSBC and KBC Bank. The deal, called Broad Street Finance plc, was similar in structure to the group's first transaction, the Eu1.3bn Finsbury Finance this June. It offers exposure to US and European corporate bonds and loans.

Portuguese assets made a welcome return to the asset backed market as Banco Comercial Português (BCP), one of Portugal's leading private banks, closed a Eu320m securitisation of unsecured consumer loans. Lead managed by BNP Paribas with BCP Investimento, Nova Finance 3 follows a modest quarter in the Portuguese loan ABS market with just one deal launching, Banco Mais' Eu100m BMORE tap in September.