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BondWeek is the leading news publication for fixed-income professionals, covering new deals, structures, asset-backed securities, industry and market activity.

HSBC closed the inaugural securitisation this week for London Mortgage Company, part of the private Matlock Bank group. The lead marketed the deal over several weeks, adapting price guidance on the senior tranche as well as the ultimate size of the offering from £216m to £192m to suit investor demand.

Macquarie Bank this week launched the first Euromarket securitisation for an Australian non-conforming mortgage lender, raising A$400m equivalent for Liberty Financial. Liberty Series 2003-1 Trust included a $100m senior tranche, with an average life of 2.56 years, which was offered to investors in Europe and Asia. Roadshows were held in the UK and continental Europe.

BondWeek is the leading news publication for fixed-income professionals, covering new deals, structures, asset-backed securities, industry and market activity.

UK lender Kensington Mortgage Company returned to the market this week with its 14th securitisation of non-conforming mortgages, brought by Barclays Capital and Morgan Stanley. The issuer was unfortunate in its timing, as the need to sell the bonds before the war broke out in Iraq resulted in a short marketing schedule.

Amount:$287.5m,Eu248.25 and £100m Issue price: 100.00

BondWeek is the leading news publication for fixed-income professionals, covering new deals, structures, asset-backed securities, industry and market activity.

Banca Nazionale del Lavoro and UniCredit Banca Mobiliare have begun bookbuilding for CF Finance Srl, a securitisation of loans to pharmacists for Credifarma, arranged with Euro Capital Structures. Price guidance for the triple-A Eu531m senior tranche is 45bp-47bp for a 4.8 year average life, with legal maturity in October 2012, while the Eu33m double-A bond is expected to come in the high 60bp area. The double-A bond averages 5.15 years.

The UK non-conforming ABS market saw its first test of the year as two regular issuers, Southern Pacific Mortgage Lenders and GMAC returned to the market, issuing around £1.35bn equivalent of bonds. As well as setting the tone for upcoming issues such as Kensington Mortgages RMS 14, which began marketing this week via Barclays Capital and Morgan Stanley, the deals also tested investor appetite for Ambac risk - the monoline wrapping both issues.

The new 'dress up' orders at JP Morgan Chase have been greeted with mirth in the City of London. Because so many JPMC staffers have been hoofed unceremoniously into touch, one Goldman trader said: "Isn't this a case of closing the stable door after the horse has bolted?"

Martin Finegold, the former Goldman Sachs trader who founded Kensington Mortgage Co, has set up a new venture in London called Cambridge Place Investment Management. The company will build and manage collateralised debt obligations (CDOs) backed by asset backed securities.

UK mortgage lender Mortgages PLC this week continued the traditional year-end rush of non-conforming RMBS with a £257m securitisation of owner-occupied and buy-to-let mortgages. The transaction was lead managed by Barclays Capital and Lehman Brothers - the same banks that closed the company's last issue. The deal follows a busy quarter for the non-conforming mortgage sector, with Kensington Mortgage, Preferred Mortgages and Southern Pacific Mortgages all closing deals. Spreads in the asset class have widened since Preferred came to market in late September, and one established buy-to-let lender, Paragon Group, even chose this week to postpone an issue until next year due to market conditions.