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GMAC Mortgage Group is to step up its funding programme with a new asset backed commercial paper (ABCP) conduit with a unique partial liquidity requirement. At the same time the group's UK subsidiary, RFC Mortgage Services Ltd, is preparing a £600m MBS via Deutsche Bank and in-house securities firm RFSC International, with Bear Stearns, Barclays Capital and ING Bank as co-managers.

The Italian government's securitisation of delinquent contributions to its social security agency INPS successfully made its principal and interest payments on January 31. The arrangers, Banca IMI, Morgan Stanley and UBS Warburg, will publish an investor report early next week, setting out details of the deal's performance.

South Africa's Catalyst Holdings prides itself on its innovative approach to the property industry. Its website helpfully gives a definition of a catalyst as "a substance that accelerates and effects change without itself undergoing lasting modification". Its latest innovation is Catalyst Mortgage Securities (CMS), a company established for the purpose of issuing the first South African commercial mortgage securitisation and providing low cost loan funding solutions to the commercial property debt market.

The scene is set for the final stages of a battle between two visions for the future of the London Underground, both based in part on structured finance techniques. Yesterday (Thursday) in parliament, transport secretary Stephen Byers gave the green light to the controversial public-private partnership (PPP) scheme for modernising the underground.

Duke Street Capital this week launched an extra Eu250m of notes from the Duchess managed collateralised debt obligation it launched last June. Lead managed by CIBC World Markets, the deal is believed to be the first example of a tap in the European CDO sector. A second CDO fund, Prime Edge Capital managed by Capital Dynamics, is also expected to be tapped later this year via Deutsche Bank.

Volkswagen Leasing GmbH this week launched its fifth securitisation of German car leases in a Eu1bn deal via ABN Amro, its largest to date. Volkswagen Car Lease No5 offered two tranches of floating rate notes rated triple-A and A+/A1 by Moody's and Standard & Poor's and with a legal maturity of November 2005. The Eu950m triple-A tranche with an average life of 1.25 years came at 12.5bp over one month Euribor (see International Bond Issues for further details). The notes were priced wider than ABN Amro and Deutsche Bank's VCL3 in 1999, but tighter than VCL4 lead managed by Credit Suisse First Boston and Deutsche last year.

Sequa, a diversified manufacturing and technology company, has cancelled its $75 million revolver ahead of the October 2002 maturity and is now seeking a new facility. The J.P. Morgan-led credit was terminated because Sequa did not expect to be in compliance with certain financial covenants of the revolver, said Linda Kyriakou, spokeswoman for Sequa. Kyriakou declined to comment on the level of borrowings on the revolver at time of cancellation.

Toronto Dominion is said to be leading a $200 million credit backing Spectrum Equity's $345 million acquisition of Broadwing's Cincinnati Bell Directory business. Bankers at TD did not return calls and timing and pricing could not be determined. The company being formed by Spectrum for the directory business is called CBD Media. Calls to Randy Henderson, cfo of Spectrum in California, were not returned. Spectrum is the latest phone directories business dialing up the loan market, following the Yell Group's acquisition of McLeod USA's telephone directories business last month. CIBC World Markets is set to launch syndication of that credit (LMW, 1/21).