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  • Merrill Lynch is preparing what is likely to be Turkey's first residential mortgage backed security for Finansbank. Initially structured as a warehouse facility and due to close in March, Merrill Lynch expects to refinance the deal in the capital markets by the end of the year.
  • ABN Amro has unveiled a new mortgage securitisation programme, through which it plans to become a regular issuer in the public and private ABS markets. The bank recently launched the first trade off the shelf, totalling Eu3.9bn and parcelling loans it made to its own employees.
  • BNP Paribas last Friday priced a unique securitisation of second loss risk for Banca Italease, worth Eu191m.
  • Calyon priced the first bonds of Eiffel, a callable synthetic CDO platform to be managed by Ofivalmo Gestion, the French asset manager, with several more taps expected in coming weeks.
  • Fortis Bank tapped Regatta CDO this week, a synthetic CDO managed by Solent Capital Partners. Both issues reference a portfolio of 150 investment grade corporate and sovereign credits.
  • NIB Capital Bank this week priced the inaugural deal off its real estate conduit, a Eu154.6m securitisation of German multi-family property in west Berlin. Mesdag Berlin BV offered seven classes of floating-rate notes, ranging from triple-A to triple-B, including a class 'X' bond, which receives only excess spread. The class 'X' will be initially held by NIB Capital.
  • Around $200 million of Astoria Generating's paper has traded since it broke Feb. 23.
  • Wachovia Securities and Goldman Sachs are prepping a $415 million deal for Irving, Texas-based Riddell Bell Holdings.
  • Barclay's Capital has hired three individuals from Goldman Sachs' high-yield capital markets groups.
  • The Bond Market Association is working to develop a "NewBank," which would act as a standby bank, activated if a credit, legal or other problem caused market participants to lose confidence in one of the two current clearing banks, JPMorgan and the Bank of New York, and no well-qualified bank stepped forward to purchase the existing bank's clearing business.
  • Resorts International Holding's second lien gained seven points to trade at 97 after the gaming company took steps to boost its profitability.
  • Sedgwick CMS Holdings' $300 million term loan was very active when it broke for trading in the secondary market, said a trader.