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Nikko Citigroup has hired Takahiro Yamanashi, v.p. in equity derivative sales at Lehman Brothers in Tokyo, as a v.p. in the equity derivative group covering private-placement convertible bonds structuring and marketing.

PIMCO Europe is adding an emerging market synthetic collateralized debt obligation to its management portfolio.

An index of credit-default swaps on residential mortgages, launching early next year, could be a big fillip to firms looking to structure baskets of synthetic asset-backed securities.

Structured investment vehicles are focusing on restructuring AAA tranches' rather than selling as many investors feared in the immediate aftermath of Delphi Corp.'s filing.

As popular as synthetic collateralized debt obligations have become, modeling and pricing these securities continues to provide a number of unique challenges.

Market participants expect a resurgence of activity in FX options in Thailand.

--Robert McAdie, global head of credit strategy at Barclays Capital in London, discussing the value of trading volatility curves.

Britannia Building Society has hedged its latest capital-protected equity product.

Options on variance swaps have recently started appearing in Asia as hedge funds use them to take volatility positions in the region.

Fortis Bank has begun marketing the Kingdom of Belgium's long-awaited debut Eu500m securitisation, pooling delinquent tax receivables. B-TRA 2005-1 will comprise two tranches, issuing Eu350m of triple-A notes and Eu150m of notes rated A2/BB- by Moody's and Standard & Poor's, and backed by a Eu9.488bn pool of tax receivables.

The first deals of the latest giant wave of commercial mortgage backed securitisations hit the market this week as RBS and UBS priced Eurohypo's £470m securitisation of business parks for MEPC, while Morgan Stanley brought an agency CMBS for London & Regional Properties. Eurohypo's transaction is the second of its kind, following a Eurohypo and RBS sponsored deal for Arlington Business Parks in October last year. In a market so full of CMBS that bookbuilding is slowing down across the market, the Opera Finance (MEPC) PLC offered a degree of diversification. "It is a relatively unusual asset class,"said Jonathan Peberdy, an ABS syndicate official at RBS in London. "People have seen a lot of supply in the CMBS sector from retail in sterling. We had the retail parks transaction earlier in the year, but business parks have a slightly different risk profile. The bottom line is that we were over 2.6 times oversubscribed on the triple-A, so clearly people were exceptionally comfortable with the assets."

New issuer Oakwood Homeloans has launched its first non-conforming UK RMBS in the market, with a £301m transaction arranged by CSFB and jointly lead managed with Lehman Brothers.