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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.

TD Securities, Credit Suisse First Boston, Bank of New York and J.P. Morgan are seeking commitments on a $300 million, delayed-draw term loan add-on for American Tower and TD is also seeking commitments to expand the existing facility of its Mexican subsidiary, American Tower de Mexico. Ann Alter, spokeswoman, said American Tower has an option to increase its current $2 billion in credit facilities by a further $500 million. The delayed draw-term loan provides the option to use the cash, but it may not necessarily be tapped, Alter said.

Regal Cinemas bank debt reportedly traded in the 102-104 range this week on news of the company filing for bankruptcy. While two dealers confirmed levels in that range, one said they were actually higher. He declined, however, to give an exact level. The company filed in mid-October as part of a prepackaged restructuring program under which investor Philip Anschutz will take control of the company. Calls to Dick Westerling, head of investor relations, were not returned. The cinema chain is based in Knoxville, Tenn.

Wyndham International's "B" paper traded up to 81 from 78 last week as distressed buyers start to take an interest in the paper. Approximately $7 million changed hands. Traders also said that the credit has gone from being a par name and is now being traded by distressed dealers for the anticipated recovery. "Par guys are not in it anymore," said one. "Distressed players are making their bets on it." Dallas-based Wyndham manages 240 hotels. Richard Smith, cfo, referred calls to investor relations department and not returned.

An estimated $20 million chunk of Xerox's bank debt notched down slightly to the 81-83 range from the mid-80s on a Standard & Poor's downgrade of the company's revolver to BB from BBB-. The company, while going ahead with its debt reduction plan, lost business in late September as a result of the World Trade Center attacks. Regal Cinemas, still being traded as a distressed credit, has moved up to 102-104 from the mid-90s on the prepackaged bankruptcy filing.