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WestHyp this week launched the first public synthetic securitisation of Dutch commercial mortgages when it transferred the risk of a Eu902m portfolio of loans via a Eu703.86m super senior credit default swap and five tranches of credit linked notes. In December 2000 WestHyp launched European Dream 2000, a fully unfunded transaction secured on European mortgage backed securities. This year, its attention turned to the Netherlands with Dutch Dream 2001-1.

Lehman Brothers launched its first securitisation of commercial mortgages this week, a £467m deal backed by UK loans originated by MABLE Commercial Funding Ltd, a wholly owned subsidiary of the bank. Windermere CMBS plc offered six tranches of notes, rated from triple-A to double-B by Moody's and Standard & Poor's. All have a legal maturity of October 2008 and an expected maturity of October 2006.

Telereal Holdings, a joint venture between Land Securities Trillium and the William Pears Group, last Friday launched a £1.8bn securitisation of UK telephone exchanges leased by British Telecom. Lead managed by Schroder Salomon Smith Barney, the deal refinances Telereal's acquisition of the 5,667 properties that comprise BT's fixed line network in early November. Telereal acquired a head lease on the properties, and sub-leased them back to BT for 35 years.

Cariverona Banca SpA and Mediovenezie Banca this week launched a Eu196.6m securitisation of non-performing loans (NPLs). Lead managed by Lehman Brothers and UniCredit Banca Mobiliare (UBM), the deal follows a surge of Italian NPL deals this quarter, despite the expiration of the favourable accountancy regime for NPL sales in June, including Morgan Stanley's Eu1.017bn ICR-6 offering in October.

JP Morgan this week launched a bid for leadership in the $31bn repackaging market, which has been dominated for the last few years by Deutsche Bank. In August, the US house hired Deutsche's head of repackagings, Stephen Stonberg, and five colleagues. This week the bank launched a new suite of repackaging vehicles, branded Corsair after the steam yachts owned by Pierpont Morgan.

The Federative Republic of Brazil has sent out for RFPs on its next fundraising in a week when the country's top tier corporates and banks took advantage of the continuing decoupling of Brazil from Argentina. Two corporates and two banks priced deals in what one banker called "probably the last window of opportunity this year before the sovereigns pile in early January".

Dresdner Kleinwort Wasserstein this week launched a Eu1bn synthetic collateralised debt obligation (CDO) backed by a portfolio of credit default swaps managed by Dublin-based financial services group Dolmen Securities. ING Barings originally held the mandate for the transaction, but handed it over to DrKW and became a co-manager. Dolmen was principal placement agent for the triple-B notes, which were mostly sold to one investor.

Banca Agricola Mantovana (BAM), a member of the Monte dei Paschi di Siena group, this week launched a Eu550m securitisation backed by prime residential mortgages. Lead managed by Morgan Stanley and MPS Finance, the deal is BAM's second securitisation following Gonzaga CBO, a Eu750m deal launched via BNP Paribas in October 2000.

US financial institution General Electric Capital Corp will today (Friday) price its second issue from its French fonds commun de créances (FCC). The deal is a Eu400m single tranche rated triple-A by Moody's and Standard & Poor's and backed by receivables from loans by GE Capital entities to its euro zone subsidiaries. The notes are expected to be priced at 18bp over three month Euribor and repay as bullets in January 2007.

The first public Portuguese securitisation backed by residential mortgages hit the market this week when Banco Comercial Português (BCP), Portugual's largest private sector banking group, took the pioneering step of securitising over Eu1bn of its mortgage loans. Magellan Mortgages No 1 plc offered three tranches of floating rate notes via bookrunners ABN Amro and UBS Warburg.

The International Swaps and Derivatives Association has started to overhaul its 1992 master agreement documentation and replace it with an updated version by the end of 2002. The initiative is part of an ongoing effort to update documentation. Kimberly Summe, general counsel at ISDA in New York, said this process started at a meeting two weeks ago in New York and there was a similar meeting last week in London, approximately 100 derivatives professionals attended both meetings. Members have until Jan 7, 2002 to submit comments. "All members want to see this," said Summe.