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* LCF Rothschild Asset Management will today (Friday) launch a Eu256m managed arbitrage collateralised debt obligation, backed by high yield bonds and some investment grade securities. Lead managed by Credit Suisse First Boston (CSFB), Orion Euro High Yield BV will offer four tranches including a Eu203m triple-A floating rate piece with a 7.8 year average life, a Eu14m triple-B piece with a 11.6 year average life, and a Eu7m double-B tranche with a 12 year average life. Below these will be a Eu32m equity piece.

The first Costa Rican RMBS deal, issued by the Costa Rican Housing Finance Bond Program Series 2001-1, is now to be aided by a wrap provided by triple-A rated monoline insurance company XL Capital Assurance. The insurer has been brought in to boost investor confidence in the deal at a time when confidence in the Latin America market is low following Argentina's downgrade two weeks ago.

Toronto Dominion (TD) Securities, last week launched a C$241.2m (Eu175.6m) securitisation backed by commercial mortgage loans originated by the Commercial Origination Company of Canada, a subsidiary of TD Bank. Lead managed by TD Securities, Solar Trust 2001-1 was the latest in a number of securitisations by Canadian commercial mortgage lenders in the last 12 months. It closely follows a similarly sized transaction by Sun Life Assurance called Mansfield Trust.

The fourth securitisation by Banca Monte dei Paschi di Siena (MPS) was warmly received by investors on its launch this week. Lead managed by Deutsche Bank (books) and MPS Finance, SPV Ulisse 2 SpA is a Eu570m deal backed by a pool of sofferenze or non-performing mortgages and unsecured loans (NPLs).

DG Bank this week launched the fourth deal to be issued from the Promise securitisation programme set up by government agency Kreditanstalt für Wiederaufbau (KfW), which securitises loans to small and medium sized corporates (Mittelstands). The Promise (Programme for Mittelstand) scheme was devised by KfW to increase capacity for lending to Germany's large number of small and medium sized businesses.

Morgan Stanley this week launched the seventh deal to be originated from its European Loan Conduit (ELOC) programme, this time with the help of Lehman Brothers, which also owned the collateral on the deal. Lead managed jointly by Lehman Brothers and Morgan Stanley, the deal is the first from the programme to bring on board a second lead manager. It refinances loans Morgan Stanley made to Lehman Brothers Real Estate division last year, which were used to buy Burford Holdings, formerly a UK listed property company.