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After six months of heavy issuance in the UK and Dutch MBS markets, investors saw some welcome diversification this week when Irish mortgage lender First Active made a highly successful return to market with a heavily oversubscribed Eu750m securitisation of prime residential mortgages. The transaction was lead by arranger Barclays Capital with joint bookrunners Deutsche Bank and JP Morgan.

Westdeutsche ImmobilienBank has launched its first securitisation of residential mortgages, with a Eu1bn synthetic deal lead managed by WestLB.

A busy week in the structured finance market ended with two important UK issuers bringing transactions.

The Swedish National Housing Finance Corp (SBAB) returned to the ABS market with a different asset - loans to Swedish housing co-operatives.

Asbestos names ran up in the secondary loan market this week as progress was made on approving a $108 million national trust fund to deal with asbestos liabilities. One dealer said that more than $100 million in Owens Corning bank debt traded up into the 71-72 context, from the low 60s, where the bank debt was quoted last week, according to LoanX. In addition, USG Corp. was said to have traded as high as 93 1/2, up about seven points. An Owens Corning spokesman said the company is still working toward a consensual plan of reorganization with its creditors and noted that all parties are watching the process intently in Washington. Richard Fleming, USG's cfo, did not return calls by press time

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.

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

Investment managers switching to liability benchmarks will have to turn to interest rate swaps, rather than long-dated bonds, to achieve the desired long tenors, according toDonald Brydon, chairman of AXA Investment Managers. Speaking at Euromoney's 12th Global Borrowers & Investors Forum in London last week, he said these skills are typically associated with the life assurance industry.