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Fortis Bank was quick off the mark after the Barcelona conference, launching its 11th securitisation of Dutch residential mortgages from its Delphinus programme on Wednesday, lead managed by its investment bank together with HVB. The leads were able to increase the deal to Eu3.3bn from Eu3bn on the back of strong demand; the triple-A rated tranche was around 1.3 times oversubscribed at the original size, and around 1.1 times covered after the increase. However, the move seems to have wrongfooted some investors, who ended up with higher than expected allocations. The triple-A notes traded down slightly in the aftermarket as some investors offloaded paper, although the bonds later recovered to trade at 100.01.

Barclays Capital priced the second securitisation of a Private Finance Initiative schools concession, InspirED Education (South Lanarkshire) Plc, on Thursday. The £320.25m deal (with another £32m of variation bonds retained by the issuer) funds a 30 year concession, held by a consortium comprising Amec, Innisfree and Equion, to build and maintain 15 new facilities for 17 secondary schools in Scotland and to refurbish two more schools.

Banca Popolare di Milano this week successfully navigated a busy and edgy MBS market, and a sudden glut of Italian mortgage backed paper, to launch a well subscribed return securitisation. Arranged by ABN Amro and Citigroup, and joint lead managed with Banka Akros, BPM Securitisation 2 is just the bank's second public RMBS, after a Eu1.3bn deal in July 2001, at the time the largest Italian RMBS.

Standard Chartered and WestLB have tightened the price guidance on Vakifbank's $815m securitisation of diversified payment rights. They expect to price VB DPR Finance Co today (Friday).

Credit Suisse this week demonstrated the value of diversification when it priced its latest conduit CMBS, Titan Europe 2006-3 Plc, at tight levels having revised guidance inwards. At 17bp over Euribor the 5.1 year triple-A notes came 2bp tighter than the bank's last CMBS, backed exclusively by German multifamily property. This week's transaction offers exposure to 40 properties from France, Germany, the Netherlands, Belgium and Luxembourg. The triple-A notes were initially talked at 19bp area but at the final level were 1bp wider than Telecom Beni Stabili's Imser securitsation of properties leased to Telecom Italia. They also had a considerably longer average life compared with Imser's 3.5 years.

Adelphia Communications Corp.'s bonds jumped five to six points on the filing of a new plan of reorganization that would increase claims going to bondholders, according to a KDP Advisors report.

AMB Property Corp. has added international banks to its syndicate of lenders as it seeks to expand its global presence.

Deutsche Bank and JPMorgan hit the market last week with a $295 million credit backing BWAY Corp.'s acquisition of Industrial Containers' plastic and steel general line pail business.

The following directory includes year-to-date search and hire activity for high-yield, distressed debt and CDO managers. The accuracy of the information, which is derived from many sources, is deemed reliable but cannot be guaranteed. All amounts are in US$ millions unless otherwise stated. To report manager hires and new searches, please call Kristen Haunss at (212) 224-3990, or fax (212) 224-3602.

CIBC World Markets hired Dan Conlon, formerly the head trader at Dresdner Kleinwort Wasserstein, to head its par loan trading desk. He will be replaced by Brian Schneider, who was a junior loan trader at Dresdner.

Loans traded down an average of a quarter of a point in the secondary market compared to the previous week with covenant-lite and low coupon deals taking the worst hit.

CypressTree Investment Management is looking to add credit-default swaps on loans to its existing leveraged loan funds.