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Banque PSA Finance, the finance arm of Peugeot-Citroën, this week returned to its securitisation programme, offering for the first time notes backed by auto leases and residual values. The offering, which was launched from the same platform as the issuer's three previous auto loan deals, totalled Eu1.25bn and was lead managed by BNP Paribas and HSBC.

Depfa Bank brought the first global securitisation of public private partnership (PPP) loans and bonds last week, transferring much of the risk of a Eu900m equivalent pool.

Deutsche Bank this week completed its second balance sheet CLO in as many weeks — offering investors a leveraged synthetic exposure to a portfolio of mainly European and US companies. London Wall 2006-1 is Deutsche's second deal in this asset class, after a previous London Wall offering in 2002, although this trade is designed to free economic capital rather than liberate regulatory capital. Deutsche will buy protection on the Eu330m mezzanine portion of a portfolio with a notional value of Eu4bn. Unlike in many of the bank's recent economic capital-driven trades, such as Craft EM, which parcelled emerging markets risk, Deutsche will retain the equity risk, worth Eu116m.

Caja de Ahorros del Mediterráneo added to the recent glut of Spanish deals, launching Empresas Hipotecario TDA Cam 3 FTA, a Eu750m SME CLO, via JP Morgan and Société Générale.

Citigroup has priced a second static emerging market CDO in its Sphaera programme, which references credits from Citigroup's emerging markets loan book.

Collineo Asset Management this week revealed details of an unusual fund that uses derivative and CDO technology to allow for a flexible management style, arranged by HSBC.

Lehman Brothers this week achieved extremely tight pricing on its eighth securitisation of commmercial real estate from its Windermere programme, which parcelled eight loans secured on 52 UK, largely office properties, worth £1.03bn.

The UK non-conforming mortage sector had a difficult week, with Kensington Group suffering a drastic fall in its share price after reporting rising arrears in its mortgage portfolio.

The rush of issuance in European CLOs is continuing ahead of the summer lull, with three CLOs pricing this week and no sign of let-up in the pipeline.

Albis Securitisation has established the first bank-independent securitisation platform in Germany.

CMBS bankers this week gawped at the prospect of a surge in new issuance, as issuers and conduit houses rushed to announce deals ahead of the August break.