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HypoVereinsbank (HVB) has created a new synthetic securitisation programme that will be backed by German residential mortgages using the government agency Kreditanstalt für Wiederaufbau (KfW) as intermediary. The Eu1bn Provide-A 2001-1 is to be the first in a series of deals aimed at promoting the German residential housing market. The transaction is similar to KfW's successful Promise programme under which KfW sponsors the credit risk transfer of promotional and non-promotional loans to small and medium-sized companies.

HypoVereinsbank (HVB) has created a new synthetic securitisation programme that will be backed by German residential mortgages using the government agency Kreditanstalt für Wiederaufbau (KfW) as intermediary. The Eu1bn Provide-A 2001-1 is to be the first in a series of deals aimed at promoting the German residential housing market. The transaction is similar to KfW's successful Promise programme under which KfW sponsors the credit risk transfer of promotional and non-promotional loans to small and medium-sized companies.

Valtion asuntorahasto (ARA), the Housing Fund of Finland, this week launched the sixth securitisation of housing loans from its Fennica programme, issuing a single Eu500m tranche to an investor base eager for the quality of Scandinavian mortgages. Lead managed by BNP Paribas, Credit Suisse First Boston and Sampo Bank, Fennica No.6 plc offered a single triple-A piece rated by Fitch and Moody's which priced at 24bp over six month Euribor, 1bp tighter than Fennica No.5 that launched this time last year.

MBNA International Bank, the UK subsidiary of US credit card issuer MBNA, last Friday launched its latest securitisation, issuing in floating rate euros for the first time. Lead managed by Barclays Capital (books) and JP Morgan the deal is also the first issuance from a new revised trust that MBNA has set up.

Morgan Stanley this week launched a Eu1.017bn Italian non-performing loan deal, backed by residential and commercial mortgages originated by its servicing subsidiary, Credito Fondiario Industriale Spa (Fonspa). The deal will be the largest Italian non-performing loan transaction since Banca di Roma's Eu1.4bn Trevi Finance launched in July 1999.

SNS Bank Nederland this week launched the fourth deal from its Hermes mortgage backed securitisation programme via lead managers BNP Paribas and UBS Warburg. SNS Bank is one of the regular mortgage backed issuers out of the Netherlands and it has consistently worked to lower spreads and increase the investor base of this sector. On this deal it launched an all out assault in an attempt to attract new investors into its programme. During eight days of comprehensive European roadshows SNS made one on one presentations with many investors that had not bought asset backed bonds before.

Italian bank Bipop-Carire yesterday (Thursday) launched a Eu245m securitisation backed by collateralised consumer loans originated by consumer bank Fineco Banca, part of the Bipop Group Lead managed by Dresdner Kleinwort Wasserstein, the deal followed four Italian ABS issues over the last week, and came wide of original price talk of 26bp-27bp by several basis points.

Banca Monte dei Paschi di Siena (BMPS) last Friday launched a Eu1.1bn securitisation backed by Italian residential mortgages. Lead managed by Merrill Lynch and MPS Finance, Siena Mortgages 01-2 is BMPS's sixth securitisation this year and its third this month, following Anthea Srl, a Eu271m semi-synthetic deal, and Ulisse 3, which was also launched this week.

Banca Monte dei Paschi di Siena (BMPS) last Friday (October 19) launched its third offering from the Ulisse programme, a Eu140m securitisation backed by non-performing loans originated by Banca Toscana, a member of the BMPS group. Lead managed by Deutsche Bank and MPS Finance, the deal securitises a pool of secured and unsecured claims that make up almost all of Banca Toscana's non-performing loan portfolio.

Abbey National, the UK's second largest mortgage bank, this week launched the first tranche from its latest mortgage backed securitisation and released details of the rest of the deal that is expected to be launched next week. This week Abbey launched a Sfr400m piece via Credit Suisse First Boston (CSFB), the second time it has factored a tranche denominated in swiss francs into its structure.

Banca Lombarda e Piemontese this week launched its first securitisation, a Eu505m deal backed by equipment, auto and real estate leases originated by the bank's leasing division SBS Leasing, Italy's eighth largest leasing company. Lead managed by Credit Suisse First Boston (CSFB), the deal is the first of a number of securitisations Banca Lombarda is planning in an attempt to access new sources of funding and bring regulatory capital relief.

Bankinter, the Spanish bank and mortgage lender, this week launched a Eu1.322bn securitisation backed by a portfolio of its residential mortgages. Lead managed by Bankinter itself, Crédit Agricole Indosuez and Dresdner Kleinwort Wasserstein, the deal is one of the largest securitisations to be launched by a Spanish issuer into the term market.