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Norwich Union, the UK life and pensions company, this week returned to its Equity Release Funding programme with a £300m securitisation of reverse mortgages. Led by Citigroup/SSSB, the deal is the first equity release securitisation to reach the market since Norwich Union launched a groundbreaking £222.5m deal in March last year.

Morgan Stanley's European Loan Conduit (ELOC) programme took on a Gallic twist this week with the launch of Dionysus, a commercial mortgage securitisation backed by a loan secured on properties occupied by state owned Electricité de France (EdF). Dionysus, the Greek god of wine, was believed to be the promoter of civilisation and a lover of peace. But his influence did not prevent Standard & Poor's (S&P) from downgrading EdF's long term credit rating from AA+ to AA on Monday.

EuropeLoan Bank, Europe's first successful internet mortgage bank, launched its debut securitisation this week with a Skr1bn (Eu110m) issue, sole managed by Barclays Capital. Set up in 1999 by structured finance boutique Fredell & Co, EuropeLoan extends residential mortgages in five European countries, but its origination has taken off most quickly in Sweden.

UBS Warburg Principal Finance last week completed a Eu1bn synthetic collateralised debt obligation backed by a portfolio of investment grade corporate debt and asset backed securities on UBS's trading book. Arranged by Citigroup/SSSB, the deal is the second synthetic CDO to come from the European principal finance group, following the established programme of issuance set up by the group's counterpart in the US.

BNP Paribas last week issued Eu239.5m of notes from Mistral Investments SA, referenced to a Eu3.5bn portfolio of US and European corporate entities. Three tranches of notes were issued as five year bullets, with the triple-A notes coming at 55bp over three month Euribor.

JP Morgan last week priced a $550m collateralised fund obligation (CFO) managed by Man Investment Products. The deal, increased by $50m from its original size, is the second CFO to be launched after Credit Suisse First Boston's deal last Thursday for Investcorp. Although JP Morgan's deal was priced just before CSFB's deal on Wednesday, it has yet to be listed, and is expected to close on Wednesday. JP Morgan declined to comment on the Rule 144A, Reg S transaction, which was increased during marketing from $500m.

Malcolm Wager, global head of all non-equity trading at ABN AMRO in London, has left the firm, according to market officials. A memo sent out by Piero Overmars, global head of global financial markets, said Wager's departure has allowed the firm to restructure its department. Wager could not be reached for comment. It could not be determined why he left the firm.

Adelphia Communications is still winning attention from investors in the loan market this week with both par and distressed desks taking a look at the name. Small pieces of the Century Cable facility were said to have traded in the 88-89 region. Bigger banks pressured by their credit committees to reduce exposure are supplying the paper, one trader said. After a bank call earlier this week, bids for the paper sunk once again into the mid-80s. Many market players believe that at the end of the day it's a par name, but, as one dealer noted, "who knows if this company falls into Chapter 11." The company's spokeswoman declined to comment.

David Eline, v.p. and senior marketer at Bank of America in London, has joined creditex in a similar role. Eline, who joined two weeks ago, will market the product to European customers, according to Brad McKinnon, head of the London office. Eline reports to McKinnon.

Citadel Investments, a Chicago-based hedge fund with $6-7 billion in assets, has hired Vince Kaminski, founder and head of Enron's research group in Houston. Kaminski, a quantitative heavyweight known as "the genius" within Enron, referred questions to Scott Rafferty, an investor relations official, who declined all comment.

TD Securities has hired Michael Chacos as v.p. and director in credit structuring in London. Chacos was previously at Bank of America in the structured credit products group. He will start at the end of the month and report to Charles Colbourne and Hal Holappa, co-heads of credit derivatives in London and also to Joe Hegener, head of high-yield credit derivatives in New York, according to Colbourne. At BofA, Chacos reported to Paul van der Maas, managing director and head of structured credit products in London, who declined comment.

Credit Suisse First Boston has hired Joe McHugh, a credit derivatives flow trader at Deutsche Bank in New York, in a similar role, according to a market official. McHugh, who left Deutsche Bank about a week ago and will join CSFB on June 10, will report to David Carlson, managing director and head of North American Credit derivatives.