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The Italian mortgage market saw a late splutter of activity this week, as three unusual deals fought their way to market in the race to year-end. Meliorbanca closed its third securitisation of residential mortgages under the Sestante programme via Dresdner Kleinwort Wasserstein, Lehman Brothers and Meliorbanca.

GMAC RFC Nederland has launched its eighth Dutch RMBS transaction this week. Lead managed by ABN Amro, E-Mac NL 2005-III parceled Eu890m of mortgages across five tranches.

RBS this week completed a £111.4m restructuring of South Staffordshire Water's corporate debt, through a new water finance vehicle, Artesian Finance III.

Last week Danske Bank launched the first Danish securitisation of residential mortgages. Arranged by Barclays Capital, Provide Bricks 2005-1 is a synthetic securitisation under KfW's Provide programme, transferring the risk on a Eu3bn mortgage portfolio through a Eu2.88bn senior credit default swap and four credit linked notes.

DZ Bank this week launched an unusual securitisation of German lease receivables, in what is thought to be the first German ABS to issue notes backed only by residual value claims.

Fortis Bank should price Regatta CDO today (Friday), a synthetic arbitrage deal managed by Solent Capital. Regatta will issue around Eu250m of eight year notes backed by a portfolio of 150 investment grade corporate and sovereign credits.

The European Securitisation Forum has published an exposure draft of standardised reporting fields and definitions for the residential mortgage backed securities industry. Market participants have until the end of January to comment.

Home Credit & Finance Bank notched up a second first in the European ABS market last Friday, when it closed the first securitisation of rouble-denominated assets. Arranged by HVB, Eurasia Structured Finance is already the second deal backed by domestic Russian consumer assets, following Soyuz Bank's securitisation of its dollar-denominated auto loans earlier this year.

One of Europe's rarest and most tricky asset classes made a successful return to the ABS market this week when Citigroup priced a £535m securitisation of UK hotels managed by Intercontinental Hotels. The deal, Tahiti Finance, is the first securitisation of European hotels since 2002, and faced both challenging market conditions and a wary investor base. The most recent deal in the asset class, Hoteloc, has underperformed since launch. Citigroup found a limited demand for the paper but, amid an unprecedented glut of CMBS supply, was still able to place the bonds comfortably.

The UK government this week published draft legislation on real estate investment trusts (Reits), following an announcement in the pre-budget report last week. The consultation period ends on January 27, after which the final legislation will be included in the Finance Bill for 2006. If the bill passes, Reit structures would be available from January 2007.

Barclays Capital, Credit Suisse First Boston and Morgan Stanley all launched conduit CMBS deals backed by UK commercial property in a crowded week that also included ABN Amro bringing an unusual securitisation of psychiatric care homes and specialist schools for the Priory Group. Together the deals offered £1.575bn of notes. All three conduit transactions were on the lumpy side, secured on five, seven and five loans respectively. On each deal the largest property makes up more than half of the portfolio.