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The European Investment Bank became the first triple-A rated borrower to issue in Malta's public bond market this week, when it offered a LM10m (Eu23.4m) transaction through Bank of Valletta. Malta has a bond market in lira, frequented by the A3 rated government and domestic companies, which typically issue straight bonds ranging between LM5m and LM12m in size and five and 10 years in tenor.

Activity in the EuroCP market this week was dominated by the European Central Bank and Bank of England's interest rate meetings mid-week and the US non-farm payrolls report due out today (Friday).

Commerzbank has started marketing the first synthetic securitisation for Dutch benchmark RMBS issuer SNS Bank, due to be closed through KfW's Provide plaform. SNS Bank's synthetic, called Provide Lowlands, is already the second issue under the programme by a Dutch issuer, after NIB Capital's Provide Orange in November 2003.

Bankinter returned to the MBS market with a Eu1.07bn securitisation of residential mortgages this week, priced oversubscribed at very tight levels by joint bookrunners Deutsche Bank and SG, with joint lead Bankinter. The launch closely follows that of the bank's previous RMBS, the Eu500m Bankinter 7, which market sources said was closed last week by sole bookrunner Bankinter. Although the senior triple-A notes for that deal were said to have been priced at 20bp, the bonds may have been privately placed or held as repo collateral, still common practice in many Spanish securitisations.

Barclaycard's Gracechurch programme continued its rise to the top of the credit card securitisation pile with a $750m deal that priced at aggressive levels. Only a week after JP Morgan Chase launched a $1.5bn credit card deal with a near identical structure, Barclays Capital priced Gracechurch Funding No 6 flat with JP Morgan's deal at the senior level, 1bp tighter at the single-A level and 2bp tighter at the triple-B level. The pricing was also a significant improvement on Barclaycard's last deal in September 2003, which came at 5bp over Libor, 23bp over and 93bp over respectively.

A new asset class was born this week when Barclays Capital launched a £132.5m securitisation for Commercial First Mortgages Ltd. The firm, only established in December 2002, specialises in lending to small businessmen, especially owner managers of shops.

HSBC and Citigroup have won the mandate for one of the largest bond issues ever under the UK's private finance initiative yet.

Gulf International Bank (GIB) this week returned to market with a £204.5m collateralised debt obligation of mezzanine asset backed securities, arranged by Bear Stearns.

CDC Ixis and Moroccan public sector agency Caisse de Dépôt et Gestion (CDG) have launched what is thought to be Morocco's first public securitisation, for Lydec, a water utility.

SCIP 2 ? the Republic of Italy's controversial securitisation of state commercial and residential property sales ? is expected to comfortably meet its principal payment obligations this April, thanks to a new liquidity facility.