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Two contrasting non-conforming mortgage securitisations were launched this week, one from a seasoned issuer and the other from a start-up.

Non-conforming mortgages continued on an uneven keel this week as Redstone Mortgages priced its £108m securitisation at the widest levels for the sector this year. At the same time, contrasting guidance for deals from Kensington offshoot Money Partners and Merrill Lynch's Mortgages plc suggests that recent news has brought tiering to the non-conforming market.

Paragon Group this week launched the first securitisation of European assets after the London bombings. Joint leads JP Morgan and RBS planned to launch the £700m buy to let RMBS at the end of last week, but the attacks naturally caused some delay to the process.

Barclays Capital has begun marketing a £400m equivalent securitisation of first and second charge non-conforming mortgages for Money Partners.

The European ABS market absorbed a minor shock this week, after one of the market's flagship issuers unexpectedly announced that it would be drawing on reserve funds in two of its securitisations.

The European ABS market absorbed a minor shock this week, after one of the market's flagship issuers unexpectedly announced that it would be drawing on reserve funds in two of its securitisations.

Last Friday Lehman Brothers priced Southern Pacific Mortgage Ltd's securitisation of near-prime mortgages, on the same day that rival lender Kensington Mortgage Co announced it would be drawing on reserve funds in two of its securitisations.

Bluestone Mortgages, the Australian non-conforming mortgage lender, this week priced its first securitisation in euros, through Barclays Capital.

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Osama Abbasi was promoted to co-head of European fixed income coverage at Credit Suisse First Boston in London in December 2004. He reports to Jim Healy, global head of fixed income, and Jeremy Bennet (qv), Jonathan McHardy (qv) and Gael de Boissard (qv), co-heads of European fixed income. Abbasi is responsible for the distribution of all the firm's fixed income products for financial institutions and institutional investors as well as the origination of debt for European financial institutions. Abbasi also sits on CSFB's management council and the bank's fixed income operating committee.

Ben Iversen joined Lehman Brothers in May 2004 as executive director responsible for European ECM in the global finance division, which combines equity, debt and leveraged finance. He moved from Merrill Lynch in Singapore, where he had spent almost five years.