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The bridge acquisition debt for Benetton vehicle Schemaventotto's acquisition of Autostrade, the company that operates 61% of Italy's toll road network, is continuing to find a welcoming home in the bond market, with a further Eu205m issue placed this week under MBIA's wrap.

A rush of deals by UK non-conforming and specialist mortgage lenders began this week with three issues priced and a further three set to be launched shortly.

The woes of WestLB's principal finance division continued this week as Moody's inflicted a three notch downgrade on the £89m junior tranche of Home Technology Receivables (No 1) plc, its securitisation of UK consumer goods rental company Boxclever.

Caboto-IntesaBci and Morgan Stanley are preparing to launch the first public synthetic CMBS in the Italian market, for IntesaBci.

Banco Santander Central Hispano and BNP Paribas this week launched a Eu1.25bn securitisation of residential mortgages for their joint subsidiary Unión de Créditos Inmobiliarios.

RBS Financial Markets and Citigroup this week began marketing their long awaited securitisation of Southern Water, the UK utility owned jointly by Veolia (formerly Vivendi Environnement) and Royal Bank of Scotland.

The Italian lease backed sector, which has recently been plagued by ballooning spreads and fears over investor saturation, received a boon this week after CentroLeasing successfully launched its Eu541m securitisation of equipment, real estate and auto leases.

French finance company the Entenial Group broadened its investor base this week with an Eu800m issue from its Vauban Mobilisations Garanties (VMG) securitisation platform.

Commerzbank launched its third securitisation of German residential mortgages this week through Kreditanstalt für Wiederaufbau's Provide platform, via bookrunner Commerzbank and joint lead CDC IXIS.

The home run bond offering of Centennial Communications Corp. has lifted the levels on bank debt for wireless names. Centennial increased the offering of 10 1/8% senior unsecured notes due 2013 from $300 million to $500 million earlier this week, with one trader noting that other wireless companies will be encouraged to tap the market. "Anything wireless is up," said a dealer. Centennial's loans are said to be quoted in the 97-97 1/2 range, which is three to four points up from the most recent levels, said a trader. He noted that there have been a few trades, but the names of the participants could not be identified. Calls to Thomas Fitzpatrick, Centennial's cfo, were not returned by press time.

John Romanelli, managing director in fixed income at Credit Suisse First Boston in New York, has quit. At CSFB, Romanelli reported jointly to Jerry Wood and Jim Healy, global co-heads of fixed income. Wood declined comment and Healy didn't return calls.

"We would certainly look at this. We have bought similar notes in Taiwan and India."-- Calum Graham, director of portfolio management at Govett Investments in London, commenting on the fact that several large derivatives houses plan to offer equity derivatives on Chinese shares. For complete story, click here.