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Guarantor: Abbey National plc Rating: Aa2/AA-/AA

Amount: $100m Legal maturity: September 12, 2007

Steven Spielberg's DreamWorks studio is set to take the niche market of film securitisation to new heights with a $1bn deal backed by future revenues from the company's existing and future library of films. Co-arranged by FleetBoston Financial and JP Morgan and wrapped by triple-A insurer Ambac Assurance, the deal will be funded through the asset backed commercial paper markets. It is part of a $1.5bn package - including a $500m revolving credit facility arranged by JP Morgan - designed to replace DreamWorks' existing financing with debt maturing in October 2007.

The UK pub sector is warming up for another round as the Unique estate is again being prepared for an asset backed issue. Three new tranches will be offered and some existing notes repaid as the Voyager estate of managed pubs are converted to leased properties and incorporated into the Unique collateral pool.

Marketing for the latest issue from UK mortgage lender Northern Rock starts in the UK today (Friday), before moving to the US next week. Lead managed by Citigroup/SSSB and JP Morgan, Granite Mortgages 02-2 plc offers 10 tranches of floating rate notes in dollars, sterling and euros. Some $1.78bn of notes are divided into two triple-A tranches, a double-A layer and a triple-B piece with average lives of 0.68, 3.44, 5.28 and 5.33 years respectively. The Eu1.19bn and £716.5m series have tranches rated triple-A, double-A and triple-B, with average lives of 3.4, 5.28 and 5.33 years.

Institutional investors are being offered the rare opportunity to invest in the performance of a group of leading syndicates at Lloyd's. SOC Group plc, a specialised Lloyd's member's agency, has launched a new vehicle, SOC Insurance Fund, designed to provide £1.2bn of underwriting capacity to specialised corporate members over the next three years.

Morgan Stanley deepened the original issue discount on a $245 million credit facility for Headwaters from 1.5% to a hefty 2.5% in an effort to close syndication by the end of this week, according to a banker familiar with the deal. In addition, pricing on the five-year, $220 million "B" term loan has been flexed up by 50 basis points to LIBOR plus 4 1/4% in order to attract more buysiders, the banker noted. A Morgan Stanley official declined to comment.

Lenders are increasingly using credit default swaps to gain exposure to investment-grade loans, forgoing traditional participation in the primary market. Selling protection essentially gives the seller the same credit risk as direct participation in the loan, but the premium on the protection far outweighs the skinny pricing on investment-grade loans. Banks hurt by recent events in the investment-grade market are now looking at the same risk with better return, and LIBOR plus 12.5 basis points just doesn't add up.