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Italian car manufacturer Fiat is preparing to launch its third auto loan securitisation next week, but this time the commercial and individual auto loans backing the notes will be from Fiat's German car customers. Lead managed by Deutsche Bank, Société Générale and UniCredito, the Eu850m Alpha bond series offers a single Eu765m tranche of notes rated triple-A by Moody's and Standard & Poor's (S&P) with an average life of 4.4 years. Price talk this week was around 26bp over three month Euribor.

The Greek government is preparing to do its third securitisation - a Eu2bn deal that will be backed by payments from the European Commission to the Hellenic Republic under the third Community Support Framework (CSF III). Lead managed by BNP Paribas, Deutsche Bank, EFG Eurobank Ergasias and National Bank of Greece, the transaction will be the culmination of almost a year of speculation about what the country's next securitisation would be.

HVB Real Estate Bank yesterday (Thursday) launched its first public securitisation, a Eu1.31bn synthetic residential mortgage transaction. Lead managed by Commerzbank Securities (books) and HVB Real Estate, HVB Real Estate 2001-1 was delayed by the events in the US and priced wider than intended, but HypoVereinsbank was pleased with the outcome and perceived a flight to quality on the part of investors.

JP Morgan last Friday launched the first tranches of an innovative Eu450m collateralised debt obligation for Intermediate Capital Group (ICG), one of Europe's largest mezzanine finance companies. Promus-1, backed by euro denominated leveraged loans, mezzanine loans and high yield debt, is the third arbitrage CDO the asset manager has brought in as many years.

Dresdner Kleinwort Wasserstein has hired Ulrich Neuhauss, director in credit derivatives sales at Bankgesellchaft Berlin in London, as a director for its London-based structured credit sales group. He started Monday and reports to Raffaele Ricci, head of structured credit sales, Europe. Ricci said Neuhauss will fill a newly created role, noting the bank is adding to the team because it "sees a lot of potential in structured credits." Neuhauss' hire brings the structured credit sales team up to a dozen staffers, Ricci said.

UBS Warburg and Bank of America in two weeks will launch general syndication of their $3 billion term loan backing Devon Energy's acquisition of Anderson Exploration. General syndication is ready to roll now that $3 billion of bonds-the other part of the financing package--were sold last week. A UBS banker said, originally the top-tier banks were allocated $600 million pieces, and now each bank will syndicate $300 million as the bonds take out the first two to three years of bank debt. The bank meeting will be Oct.18, he said, though fees have not yet been set. The $3 billion of bonds was split into $1.75 billion of 10-year notes priced at 6 7/8% and $1.25 billion of 30-year notes priced at 7 7/8%.

J.P Morgan is looking to syndicate a $675 million debtor-in-possession facility for Federal-Mogul after the company filed for Chapter 11 restructuring and administration under the United Kingdom Insolvency Act. Leigh Pierce, spokeswoman for J.P. Morgan, said a bank meeting is planned in the next couple of weeks, though pricing and an exact date have not yet been determined. Jim Fisher, spokesman for the auto-parts company, said the DIP facility is a global facility, though he could not name any other banks leading the deal. No specific timeframe has been set for the company to emerge from Chapter 11, "it will be years rather than months," noted Fisher. The aim of filing is to structure payments for claimants resulting from asbestos litigation.

J.P. Morgan's drawn out, reworked and buttered up deal for Land O'Lakes was said to be ready for close tomorrow. A buysider said J.P Morgan was looking to close the credit last Friday. The deal was originally launched in July amidst a slew of successful food deals, but it did not fly. A reworked structure with call protection and richer pricing got the deal rolling, the investor said. Leigh Pierce, spokeswoman for J.P. Morgan, declined comment and Lydia Botham, spokeswoman for Land O'Lakes did not return calls.

A jumpy market created an especially big divide in the volume handled by distressed shops versus par desks this week. Distressed players boasted heavy trading among players hungry for credits priced at a discount, while par dealers said "there was a whole lot of nothing going on."

When the subject of independent research comes up, there is a tendency to dismiss it as a conversational cul-de-sac: everyone knows there is a problem, so why discuss it further? But our brokers poll shows the true level of dissatisfaction in Asia is higher than we thought. Can anything be done to redress it? By Matthew Montagu-Pollock.

Internet banking and a proliferation of alliances between local and foreign players are helping to boost cash management business in China. Joy Lee reports.

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