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  • HVB threw down the gauntlet to a nervous and enfeebled asset backed market this week, when it began marketing one of the largest deals of the year, and arguably the biggest term cash CLO in the market's history.
  • The steepening yield curve claimed another victim this week when Caixa Catalunya's Hipocat 8 had to sweeten the terms of its longer dated senior tranche to clear.
  • Leads Citigroup, Lehman Brothers, Morgan Stanley and RBS have released price talk for the tap issue of Canary Wharf Finance II Plc, which will finance the redemption of the outstanding notes from Canary Wharf's original securitisation.
  • Eurohypo this week completed its fifth issue under the Opera conduit programme this year, with a generous but ultimately well-subscribed securitisation of Dutch and Belgian properties.
  • Fitch Ratings this week put all tranches of Portugal's delinquent tax ABS on Rating Watch Negative.The move follows significantly lower than expected collections, one year into the deal's life, in an echo of the troubles suffered by Italy's INPS.
  • Cairn Capital has released more details of its constant proportion portfolio insurance (CPPI) trade on credit. Cairn Credit CPPI, arranged by CSFB, will take a long correlation position, selling protection on the 0%-3% tranche of the index and shorting either the 3%-6%, or 6%-9% tranches, with the ability to hedge out certain names.
  • HBOS, the UK's largest mortgage lender, this week completed its first securitisation of Dutch mortgages.
  • WaMu Capital Corp. recently opened a Chicago sales office for its growing mortgage-backed securities dealer business.
  • Wilson is a senior managing director and oversees $65-70 billion in assets, almost all of which is in fixed income.
  • The Royal Bank of Scotland is backing Quad-C Management's acquisition of a majority position in NuSil Corp.
  • A $10 million piece of Redbud Energy Project bank debt traded last Thursday at 65 1/2.
  • Sandelman Partners is building a multiple-strategy investment management firm that will invest in a broad range of debt and equity securities including credit opportunities and structured products.