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French shipping company CMA CGM last Friday launched the first securitisation of shipping vessels in a groundbreaking deal, arranged and led by BNP Paribas.

Dresdner Bank, already busy with a Eu3bn true-sale securitisation of German SME loans, is working on a synthetic transaction of German SME loans as well. Promise-K 2006-1 GmbH, Dresdner's second deal under the KfW Promise platform, will transfer the risk on a reference portfolio of Eu2.1bn of loans through a default swap with KfW, which in turn will hedge its exposure with a super senior credit default swap and by issuing mezzanine notes. In this deal, led by Dresdner Kleinwort Wasserstein, the reference portfolio is static and the notes will amortise in sequential order from the first principal payment date onwards.

Banca Popolare di Vicenza has launched its sixth securitisation of Italian mortgages, a Eu1.434bn deal led by Dresdner Kleinwort Wasserstein and Lehman Brothers. Berica 6 Residential MBS Srl, arranged by BPVi and Lehman Brothers, is backed by a pool of mortgages with a relatively low weighted average loan-to-value ratio of 66.98% and 17 months seasoning, originated by BPVi, Banca Nuova and Cariprato.

Calyon has bought Omicron Invest Management, the Vienna based CDO management company recently founded by managing directors Marcus Klug and Manfred Exenberger following their exodus from Uniqa Alternative Investments.

Dignity, the UK's second largest funeral services operator, is tapping its £210m whole business securisation, launched in April 2003 by JP Morgan.

Having already launched the first UK non-conforming deal of the year last week, Southern Pacific Mortgages is planning to return to the markets with its next transaction, a £423.4m securitisation of UK near-prime mortgages under its Southern Pacific Financing programme. The transaction, which will be led by Lehman Brothers, is scheduled to launch and price on the 15 February 2005, issuing in dollars, euros and sterling.

German reinsurer Hannover Re returned to the capital markets last week with a $370m catastrophe risk securitisation, its largest such deal to date. Unlike conventional cat bonds, which are usually triggered by a defined event, Hannover Re's transactions offer investors exposure to a broad portfolio of risks.

Harbourmaster Capital Management is marketing what is thought to be the first pro-rata CLO, via ABN Amro and Bear Stearns, worth around Eu700m.

Henderson Global Investors has closed a lightly leveraged CLO, via UBS, called Magi. The triple-A tranche was priced at 25bp over Euribor, while the single-A and triple-B bonds came at 70bp and 160bp over, in line with recent CLO pricing. The deal is thought to be similar to a larger $1.3bn deal UBS brought for Pimco last February, called Global Enhanced Loan Fund, which used a modestly leveraged structure to appeal to a broader range of buyers. Pimco, meanwhile, is preparing a follow-up to GELF, although this time pooling just European collateral. European Enhanced Loan Fund (EELF) will be warehoused by Dresdner Kleinwort Wasserstein, and arranged by JP Morgan.

The first Dutch RMBS of the year got off to a flying start, as SNS launched the 11th issue in its Hermes programme. The Eu1.527bn deal, led by Deutsche Bank and Barclays Capital, achieved very tight pricing amid heavy investor demand. "There was an extremely deep book of investors up and down the capital structure, particularly classes A, B and C, where we were able to price at the tight end of revised guidance," said Kevin Flaherty, director, ABS syndicate at Deutsche Bank.

HSBC launched the first UK CMBS of the year this week, raising £120m for the UK Balanced Property Trust, a Guernsey listed property trust. The one tranche deal's single Aaa rating and long maturity — it has expected maturity in 9.2 years — excluded many investors, with only 11 participating in the deal, and pushed up the spread. The notes still came at the tight end of guidance, however, at 27bp over Euribor and the book was 2.2 times oversubscribed.