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Société Générale and Standard Chartered are coordinating a partial sell-down of their commitments to a $270m loan funded in January for a joint venture between Nigerian National Petroleum Corp and ExxonMobil.

A group of former Radian employees and investment bankers has set up a new structured credit company to sell protection in the credit derivatives market. The company, Dublin-based Structured Credit Holdings, is one of several companies looking to capitalise on the rapid growth in the credit derivative market by selling protection on collateralised debt obligations, asset backed securities, credit linked notes and basket credit derivative transactions. However, its business model offers an unusual twist on its closest competitors, monoline insurers and derivative product companies.

Her Majesty's Revenue & Customs sent UK securitisation lawyers scrambling this week when it launched a clampdown on a tax avoidance scheme using structured finance techniques.

Barclays Capital has begun marketing a £401.34m conduit CMBS backed by 136 UK properties. Equinox (Eclipse 2006-1) is secured on 12 loans originated by Barclays and one purchased from RBS.

While most of the ABS market held up remarkably well in the face of huge supply before the Barcelona conference, triple-A Spanish RMBS suffered more than other asset classes with two deals finding the going difficult.

GMAC RFC Bank overcame the difficult start to its German RMBS programme and successfully launched its second transaction at relatively tight prices, making it the first programmatic issuer of German residential MBS.

Investec ready to break into UK non-conforming sector with £200m debut

Some 43 Italian cooperative banks last Friday launched a securitisation backed by their residential and commercial mortgages, worth Eu1.04bn.

Volkswagen Leasing has launched VCL 8, its eighth securitisation of German vehicle leases, via Citibank and Commerzbank.

Credit Suisse European Alternative Capital has priced its second CLO under the Cadogan Square brand, which was arranged by RBS. The deal, which was increased by Eu60m to Eu460m, was priced at extremely aggressive levels, with the double-B rated tranche coming at 400bp over, matching the market record achieved by Avoca Capital last week. The triple-A and single-A notes came 5bp outside Avoca's respective tranches, at 155bp and 65bp respectively.

The International Swaps and Derivatives Association ann-ounced the launch of a standardised documentation template for credit default swaps on cashflow CDOs on Wednesday, a move that could greatly increase liquidity in the sector. Market participants hope that a liquid market in CDS of CDOs would allow dealers to hedge their proprietary trading books and deal pipelines, and CDO managers to source risk more efficiently.