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"P.A.U.G. sounds like a Soviet car. I was relieved to find out it meant pay-as-you-go."

Dealers were expecting physical settlement of single-name credit-default swaps on Delphi Corp. to be smoother than anticipated on first news of the default.

Swiss Re is to launch into credit structuring, particularly CDOs, in Asia on the back of setting up a desk in Hong Kong.

--Rupertus Rothenhaeuser, head of the private investor group at ABN AMRO in Hong Kong, on his return to his native Frankfurt as head of structured fund sales at DWS Investments.

Eric Glicksman, managing director and former head of equity structured products at Wachovia Securities in New York, has left the firm.

Nordea Bank Finland priced its third debt issuance of Kalmar Structured Finance on Monday, worth Eu40m and issued in Swedish krone and euros.

Citigroup and Morgan Stanley this week achieved extremely tight pricing on a securitisation of ThyssenKrupp's divested property portfolio, in a landmark deal that sets a strong precedent for future issues in the sector. Immeo Residential Finance, the first of several large German property disposal to be refinanced in the capital markets, is backed by a portfolio of 48,000 residential units, 454 commercial units and 8,884 parking spaces in the Rhine-Ruhr region of Germany, which Morgan Stanley Real Estate Fund and German property fund Corpus Immobiliengruppe acquired from ThyssenKrupp in February this year.

Comifin, the specialist finance company that serves Italy's pharmaceutical sector, is marketing its second lease securitisation, via Calyon. The deal, Pharma Finance 2, will issue Eu137m of bonds backed by leases and loans. The pool is split between leases backed by real estate (19%), equipment (44%), vehicles (1%) and nautical (3%), with the balance loan agreements. The assets are all performing. (See Structured finance watchbox for full capital structure details). Pharma first came to market in August 2002.

Joint leads Fortis Bank and SG achieved the tightest print in recent history for a European auto loan transaction with DaimlerChrysler's Silver Arrow, which issued Eu700m of notes in two tranches.

Deutsche Bank is marketing a rare Eu100m mezzanine synthetic CDO of leveraged loans, called Moorgate. The deal will offer investors exposure to the mezzanine tranche of a portfolio of leveraged loans, which has been assembled by Winchester Capital, Deutsche's wholly owned principal finance arm. Winchester will hold onto the equity.

ABN Amro and Axa Investment Managers this week added to the growing range of structured credit CPPI products when they issued the first notes off a new long/short deal, called Synergie.

Cairn Capital will shortly begin marketing its SIV lite, a $1.8bn CDO of high grade dollar denominated ABS arranged by Barclays Capital.