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Rating: Aa1/AA/AA+ Amount: £50m (fungible with £150m issue launched 09/08/02)

Credit card receivables were flying back and forth across the Atlantic this week as MBNA offered euro investors Eu500m of exposure to its US cards and Barclaycard brought a $1bn securitisation of UK receivables to US and European investors. This is only the second time that Barclays Bank has accessed the asset backed market to finance its credit cards. But both times it has issued $1bn of notes lead managed by Barclays Capital.

Confusion reigned this week as intense speculation that the UK's Strategic Rail Authority (SRA) would announce a securitisation programme proved unfounded. Several UK newspapers ran reports suggesting that the plan, known as Golden Arrow and proposed by Morgan Stanley and Babcock & Brown, would be announced at a rail finance summit on Tuesday.

Lehman Brothers and Morgan Stanley this week priced a Eu1.164bn securitisation of properties leased by Telecom Italia from Imser 60, a vehicle owned by Italian property company Beni Stabili. Long awaited since the start of the year, the deal was priced in line with market expectations, although the junior tranches fell at the wider end of price guidance. Two extra junior tranches were also carved out in the final stages of the deal's launch and wrapped by Ambac Assurance.

UK non-conforming mortgage lender Kensington Mortgage Co this week launched its largest securitisation, a £600m equivalent issue in dollars, sterling and euros. Residential Mortgage Securities 13 plc, the group's 15th securitisation, included an oversubscribed senior dollar piece sold to US money market funds under rule 2a7 of the Investment Company Act. Two further dollar denominated tranches were sold by sole bookrunner Bear Stearns.

Renault Crédit International (RCI) Banque, which finances vehicle sales for Renault and Nissan, this week defied the odds in a volatile market by launching a Eu1.4bn securitisation backed by French auto loans. The first time issuer has established a new vehicle to allow further issues backed by loans from other countries. Despite being launched amid extreme volatilty in the auto sector, Car Alliance Funding plc came at 17bp at the triple-A level with an average life of 3.06 years, inside the last two auto deals of the year in July, which were both backed by French and Spanish loans.

Joint bookrunners Barclays Capital and Fortis Bank this week launched ASR Bank's largest ever securitisation of Dutch residential mortgages. Delphinus 2002-2 offered investors Eu1.702bn of five year paper and capitalised on the programme's strong name to achieve competitive pricing in a shaky market.

Germany DZ Bank has released details of the German residential mortgage deal it is bringing under the Provide programme for DG Hyp and five small co-operative banks. The synthetic transaction offers five tranches of credit-linked notes totalling Eu115.45m with a legal maturity of February 2047.

The bank debt of Nextel Communications bounced back up to the 88 level, with a trade taking place on Tuesday. Traders said the name was stronger because of the rally in the equity markets earlier in the week. The paper had slipped to the 84 1/2 - 85 1/2 level last week after a J.P. Morgan report stated that the company did not correctly account for its bad debt expense and its customer churn rate (LMW, 10/14). A financial official at Nextel could not be reached by press time. Encompass Services' bank debt remained stable, albeit in the 31-32 context, after the company announced that it would pursue a pre-packaged bankruptcy plan. The company's restructuring plan stipulates that $200 million of the company's outstanding $600 million of bank debt will be rolled into a new term loan and the remaining amount will be converted into an 80% equity stake in the reorganized company. Encompass has yet to secure creditor support for the plan. "The plan offers the best recovery for all concerned constituents," a company spokesman said. One trader, however, estimated that the recovery value of the bank debt could be as low as 35.

ING has named Leo Janssen, Asian head of financial markets in Hong Kong, as head of financial markets in the U.K. and chairman of its emerging markets committee. The position was created by the departure of Mark Fisher, global head of foreign exchange, money markets and derivatives and head of financial markets in the U.K., in July. The London-based position is a good opportunity to move back to Europe after a number of years building ING's Asian business, said Belgian-born Janssen. He starts in his new position this week.