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Caixa Geral de Depósitos, Portugal's largest bank, this week enjoyed a warm welcome from investors with its debut securitisation - a Eu400m offering secured on consumer loans.

The growing South African ABS investor base is getting ready for a bumper fourth quarter with Absa Bank preparing a securitisation of instalment sale agreements, and two repeat mortgage issuers, Investec and SA Home Loans, readying offerings.

ABS bankers are hurriedly preparing bids for what is likely to be one of the most complex and prestigious mandates this year - the long awaited securitisation of power tariff deficit payments for Spanish power generators.

Japan

NIB Capital Bank is set to begin marketing Provide Orange 2003-1, a KfW-sponsored synthetic securitisation of residential mortgages it has originated or bought.

Türkiye Garanti Bankasi last Friday closed a wrapped $200m securitisation of revenues from dollar, euro and sterling payment orders it receives from correspondent banks and overseas payers. It is the sixth securitisation from Garanti, one of Turkey's leading banks, but the first public term securitisation from Turkey since 2000.

MBNA Europe Bank last week returned to its Cards master trust vehicle with its first euro denominated issue in almost a year.

Barclays Capital has hired Andrew Stonely, former head of U.K. and Scandinavian equity derivatives sales at Citigroup in London, as a director in equity derivatives sales. Stonely left Citigroup earlier this year, according to officials. He could not be reached for comment.

Morgan Stanley is looking to expand its nascent Hong Kong-based credit derivatives operation in the coming months with a mix of transfers and hires. "We generally believe the Asian market will continue to grow. We've been underinvested," said Richard Cohen, Asia-Pacific credit derivatives trader in Hong Kong. Cohen joined earlier this year from Merrill Lynch, where he was head of Pacific Rim credit derivatives in Tokyo, to establish a non-Japan Asia trading desk (DW, 5/4). "The building blocks have been here—it's just a matter of slotting it in," he added, explaining that the desk intends to leverage off Morgan Stanley's fixed income presence in the region.

Goldman Sachs has priced the notes backing Fidelity Investments' second collateralized loan obligation, while J.P. Morgan has priced the notes backing INVESCO's Sagamore I, according to CDO sources.

Global Crossing's bank debt has been inching higher since the company received regulatory approval to consummate its acquisition by Singapore Technologies Telemedia.