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Time flies when you're pricing those Bermudan callables. August is around the corner and that can mean only one thing: Landsvirkjun's and Islandsbanki's Discover Iceland expedition. The invitations have been issued for the fourth annual jaunt around Iceland but Leak wonders what there is left to discover. We already know very well how much shark the MTN community can consume and we need no clues about its Brennivin drinking capabilities, but with Islandsbanki's Bill Symington and Ingvar Ragnarsson promising a few last minute surprises we have no doubts that it will be a weekend to remember - alcohol permitting that is.

So far in 2002 the Irish syndicated loan market has witnessed the first jumbo LBO, a continued consolidation in certain sectors and the promise of new business for the syndicated loan market from the Public Private Partnership (PPP) which is already under way. Colette Campbell reports on an expanding market. So far this year 10 deals for Irish borrowers have been launched into the Euromarket, compared with seven for the same period in 2001.

Rand Merchant Bank introduced another asset class to the growing South African ABS market this week with a R2.3bn ($223.5m) securitisation of store card receivables for Edgars Consolidated Stores (Edcon). The domestic deal is held to be the first securitisation of retail assets for the country through a domestic vehicle, excluding residential mortgages. Edcon, one of South Africa's largest retail chains, has adopted securitisation to independently fund its credit department from the rest of its operations.

The German residential mortgage market received another boost this week as HypoVereinsbank (HVB) brought the sixth and largest transaction synthetic transaction under the Provide platform sponsored by government agency Kreditanstalt für Wiederaufbau. HVB RealEstate uses the Provide name to securitise a Eu3bn portfolio of residential mortgages. Provide-Comfort 2002-1 offered five tranches of notes below a Eu2.795bn super senior credit default swap.

Harbourmaster Capital Manage-ment, previously part of Euro Capital Structures, this week closed a Eu438m managed collateralised loan obligation of leveraged loans and asset backed securities. Lead managed by Citigroup/SSSB and co-managed by Meliorbanca, the deal is the third under the Harbourmaster brand, following a Eu703m leveraged loan securitisation in November 2001 via CSFB.

ABF Finance, a leasing group based in northern Italy, this week closed a Eu394m securitisation of real estate, equipment and auto leases. Arranged by Dresdner Kleinwort Wasserstein and co-lead managed by Mediobanca, the deal is ABF's debut issue and emerged at the wide end of price talk.

AIG Credit, a subsidiary of US insurer American International Group, this week succeeded in launching the securitisation it was forced to postpone a month ago. In mid-June Citigroup/SSB marketed a $519m securitisation of premium finance loans for the company, but withdrew the deal two weeks after the intended pricing date, when it failed to clear in the mid-20s over Libor.

Fiat this week returned to the asset backed market with an Eu824m securitisation of French and Spanish auto loans. Arranged by Euro Capital Structures and lead managed by Banca IMI, HSBC and JP Morgan, the issue came at the wide end or outside price talk. It is the second large auto loan deal to emerge from France and Spain in recent weeks. Earlier this month Crédit Agricole Indosuez and CSFB launched a Eu1.5bn issue for Peugeot.