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Only one ABS transaction was priced in the UK market this week, when RBS Financial Markets launched a £207.5m securitisation for the Priory group of private mental healthcare providers.

Aviation Capital Group has launched the first airline operating lease securitisation since September 11, 2001 with a $1.03bn transaction, arranged by Wachovia Securities, that includes a guarantee from MBIA - the first time such a deal has been wrapped.

Rand Merchant Bank (RMB) has launched South Africa's first true sale securitisation of auto loans and leases, for BMW Financial Services.

Choice One Communications bank debt has been crawling up toward the 40 range since the company reported better financial results for the second quarter. A $10 million piece of the bank debt was said to have traded around the 39 level this week and about $30-40 million is believed to have changed hands in the 36-39 range last week. Prior to the recent activity, traders said the paper last traded in the 32 context about a month ago.

BondWeek is the leading news publication for fixed-income professionals, covering new deals, structures, asset-backed securities, industry and market activity.

BondWeek is the leading news publication for fixed-income professionals, covering new deals, structures, asset-backed securities, industry and market activity.

Credit-default swap spreads sprung out, and then back, after a U.S. court imposed a delay on ABB putting one of its units into bankruptcy. Swaps traded as wide as 665 basis points, before moving back to the 645bps level before the court ruling, according to London-based traders.

ABN AMRO has hired Richard Whittle, executive director at UBS, as head of exotic credit derivatives. It is a new position at ABN, according to Alex Evans, spokesman in London. Whittle will report to Arne Groes, global head of credit markets trading in London. Whittle could not be reached by press time.

Swaps houses including Bank of America, JPMorgan and Standard Chartered have set their sights on pioneering a 15-year local currency interest rate swap market after the first 12-year deal was executed last week. Aaron Poon, Hong Kong head of rates trading at JPMorgan, said the move to extend the interest rate swap curve was triggered by demand for higher yielding products and made possible by a jump in the volume of long-term local debt. Bond shops have underwritten over HKD2.17 billion (USD278 million) in long-term debt so far this year compared with only a few hundred million dollars last year.

HSBC Asset Management has entered an equity index swap to structure a six-year capital protected fund referenced to the FTSE 100. In the swap, HSBC receives the performance of the equity index and pays the floating rate on a basket of medium-term notes it will buy to provide capital protection, according to James Chu, director of structured products in London.