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Europe n Residential Mortgage Securities 7 Plc

Paribas this week launched the fourth public securitisation of Irish mortgages for Irish bank First Active Plc, which in the last year has become one of the most assiduous issuers in the European market. The Eu300m deal follows a Eu250m transaction in June and two I£200m issues in May and September last year. The bank has also sold £602m of bonds backed by its UK mortgages since July 1998 - JP Morgan plans to bring a third UK deal worth some £300m in October.

UK non-conforming mortgage lender Kensington Mortgage Co launched its biggest securitisation yet this week, worth £190m, but felt the pinch of widening spreads in a weak credit market. Lead manager Barclays Capital placed all the triple-A notes, but had to price them at 45bp over three month Libor to clear, when its initial price talk had been 35bp to 40bp over.

Europe n C*Strategic Asset Redeployment Programme 1999-1 Ltd

UK MORTGAGE lender Southern Pacific Mortgage Ltd this week launched its first securitisation of non-conforming and sub-prime home loans since its US parent filed for self-liquidation last October. Sole manager Barclays Capital structured the £66m deal under the anonymous name of Non-Conforming Mortgages 1 plc, since Southern Pacific's liquidators plan to sell SPML, and the company's name may disappear from the UK scene.

There are reports of fireworks and dancing in the streets in the Dead Canary Wharf, the land that time forgot. Has the place been condemned at last by the local authorities or sold to the Moscow Mafia? Will all wretched Dead Canary employees be given a golden pass to Xanadu, better known as Chelsea? And to think there are plans afoot to sell the Dead Canary concentration camps and outhouses to the unsuspecting public. We would rather buy shares in Goldman Sachs!

UK non-conforming mortgage lender Kensington Mortgage Co returned to the asset backed markets this week with a £150m deal lead managed by Morgan Stanley Dean Witter. Residential Mortgage Securities No 5 followed the innovative template Kensington established in June last year with RMS 4, by creating separate, tradable securities from every scrap of cashflow in the structure.

* European Investment Bank Rating: Aaa/AAA

* Three Spanish savings banks this week launched a Eu351.5m (Pta58.5bn) mortgage securitisation -- Spain's first in the single currency. Seville based Caja de Ahorros El Monte, Catalonia's Caixa de Terrassa and Caja General de Ahorros de Granada pooled 7,682 mortgages in TDA 6, a vehicle managed by Titulización de Activos. EBN Banco lead managed the bond -- Caja de Ahorros del Mediterráneo, SG, Crédit Agricole Indosuez and Bank Austria joined the three issuers as underwriters. Market participants believed a third to a half of the paper was sold to investors -- the issuers retained the rest for use as repo collateral.

WHO IS Billy Johnson at Warburg Dillon Read? Yes, we had never heard of him either. We know all about Billy the Kid, Billy Carter, Billy Joel, Billie-Jean King and Billy the Goat but Johnson had never crossed our screen.

Kensington Mortgage Company, the UK non-conforming mortgage lender, this week issued a £145.2m tap of its innovative Residential Mortgage Securities 4 deal, launched in June by Deutsche Bank. RMS 4 broke new ground by creating separate, tradable securities from every scrap of cashflow on a mortgage portfolio, and was also the first UK non-conforming mortgage deal to be 144A eligible.

* European Investment Bank Rating: Aaa/AAA