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Supranationals had another strong week of issuance. Eurofima closed a £40m trade that reaches out to June 7, 2032. The note is fungible from the payment date with a £110m issue launched in February 2001 issue that pays an annual coupon of 5.5%. UBS Warburg was the bookrunner. Nordic Investment Bank was active, tapping Australian dollars. The supra issued two A$20m notes and a A$45m trade. Mizuho was the bookrunner on at least two of these issues. International Finance Corp was active in yen, with a ¥2bn note being its biggest deal. The note has a 30 year tenor and pays an annual coupon of 4%.

Commercial mortgage backed deals will buttress the ABS market this month with regular issuers Canary Wharf and Morgan Stanley's EloC programme set to tap the market. The first deal out of the blocks, however, should be the Eu1.165bn Imser Securitisation Srl - a rare securitisation of property occupied by Telecom Italia.

DZ Bank, the central bank of Germany's cooperative banking sector, is preparing two securitisations for member institutions. Both deals are small but innovative - one pools residential mortgages from six banks, the other is the country's first synthetic leasing deal. Provide-VR 2002-1 is a synthetic residential mortgage backed deal from DG Hypo and five other cooperative banks. The transaction will total only around Eu600m, which is relatively small for this well known programme sponsored by Kreditanstalt für Wiederaufbau. Only a small number of banks were interested in this first multi-seller Provide deal.

WestHyp this week became the latest German mortgage lender to finance its commercial loan portfolio through securitisation, with a 90% funded synthetic transaction. The German market has traditionally been dominated by synthetic structures, of which funded notes usually form a small part. But while promises of true sale structures are yet to bear fruit, structurers have responded to increased demand for credit linked notes from investors.

The bank debt of Encompass Services was said to have traded at 27 this week, down from the 35 level where traders had quoted the paper last week. The trade comes as the company announced that a rights offering, which incorporated a $35 million equity investment from Apollo Management, is not likely to be completed. In exchange for a second amendment to its bank loan, the company had pledged $31 million from the equity injection to bank debt holders. Encompass, which would have been in default under its bank agreement because the conditions were not met, has received a waiver until Oct. 15. Calls to Darren Miller, cfo, were not returned by press time.

Collateralized debt obligations take another big step forward in Asia with the launch of a synthetic portfolio for on-sale to investors, with reports from the Asiamoney team.

HSBC

Poaching alone will no longer meet the anticipated boom in demand for executive talent in post-WTO China. And as compensation packages shrink, headhunters are trawling further afield for rainmakers and pathfinders. Pauline Loong reports.