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Locat, Italy's largest leasing company and part of the UniCredito Group, yesterday (Thursday) launched a Eu1.6bn lease backed securitisation via leads BNP Paribas and UniCredit Banca Mobiliare (UBM), along with Finanziaria Internazionale and Euro Capital Structures. The deal, Locat's second after a Eu400m private placement earlier this year, is believed to be the largest Italian lease backed securitisation. It is just the start of a regular securitisation programme designed to reduce the group's cost of capital.

MBNA International bank, the UK subsidiary of US credit card issuer MBNA, this week returned to its CARDS trust structure with a £250m securitisation. Lead managed by Credit Suisse First Boston, the deal is just the second offering since October from a revised trust set up by MBNA.

The Republic of Italy has begun marketing a Eu2bn-Eu3bn securitisation backed by the sale of commercial and residential property, which is set to be launched around the end of next week. Lead managed by Banca IMI, IntesaBci, Deutsche Bank and Lehman Brothers, the deal will follow the execution of a Eu3bn securitisation of lottery revenues this week led by Banca Nazionale del Lavoro, IntesaBci, Schroder Salomon Smith Barney and UBS Warburg.

Royal Bank of Scotland has launched its first securitisation of leveraged loans, a £300m synthetic issuance backed by around 70 senior secured and mezzanine leveraged loans selected by the bank and made to UK, French and German corporates. Lead managed by RBS Financial Markets, the £28.1m triple-A tranche was priced at 55bp over three month Libor. The £9.8m single-A piece came at 150bp over, while a triple-B tranche worth £9.5m was priced at 265bp over. The £9m double-B piece came at 675bp.

JP Morgan this week launched a Eu540m managed collateralised debt obligation for Barclays Capital Asset Management - Jubilee CDO 1 BV - offering exposure to a pool of leveraged and mezzanine loans. The deal follows JP Morgan's Eu300m synthetic managed arbitrage CDO for Dutch fund manager Robeco Institutional Asset Management launched with Rabobank and Robeco Capital Markets last Friday (November 30), and due to close next week.

The State of Lower Austria this week launched a Eu2.5bn securitisation of state subsidised housing loans granted to individuals, housing co-operatives and local authorities. Few securitisations have emerged from the Austrian market, which is smaller than some of its neighbours.

BNP this week launched two repeat securitisations: CDO Master Investments 2 SA and the third issuance from the MasterDomos fund backed by French residential mortgages originated by Union de Crédit pour le Bâtiment (UCB). CDO Master Investments 2 transfers the credit risk for five years of a £3.75bn portfolio of 105 corporate entities and triple-A rated asset backed securities (ABS) from BNP's own books.

Banca Popolare di Verona this week launched a Eu512.5m securitisation backed by performing residential mortgages. Lead managed by JP Morgan and arranged by UBS Warburg, the deal is the just the first part of a new securitisation programme. A leased-backed deal is expected to follow in coming months.

Banco di Brescia, part of the Banca Lombarda group based in Northern Italy, this week launched a Eu504m securitisation backed by performing residential mortgages. Lead managed by Credit Suisse First Boston, the deal was launched against a backdrop of heavy Italian RMBS issuance, including offerings from repeat issuers such as Banca Monte dei Paschi di Siena and Banca 121, and another debut offering this week from Banca Popolare di Verona.

ABN Amro launched two jumbo transactions this week: a Eu12.5bn synthetic securitisation of its global corporate loans book and a Eu5bn true sale deal backed by its loans to small and medium sized Dutch enterprises. Both are designed to relieve pressure on ABN's balance sheet at the end of the year. Like ABN's first Amstel deal last December, the loan transaction uses two SPVs: Amstel Corporate Loan Offering 2001-1 issued five tranches of notes and a Eu31.5m equity piece; and Amstel Corporate Loan Offering 2001-2 made a Eu10.8bn credit default swap with ABN's asset backed commercial paper conduit. Co-leads were Morgan Stanley and RBS.

Paragon Group, the UK consumer lender known mainly for its non-conforming mortgages, this week launched a £244.7m securitisation backed by consumer and auto loans. Lead managed by JP Morgan, the deal securitises a pool of loans made by Paragon Personal Finance, and unsecured personal loans originated by Universal Credit, the subsidiary of Lloyds, acquired by Paragon.

CDC Ixis Asset Management is considering launching a convertible arbitrage fund next year that will use over-the-counter derivatives and employ three times leverage. Dahlia Marteau, head of alternative fund management in Paris, said CDC is pondering the move to appeal to clients looking to take on leveraged exposure to the sector and is currently studying whether there is the demand.