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Spanish securitisation management company Titulización de Activos (TDA) this week launched a Eu389.5m residential mortgage securitisation for five Spanish banks. Jointly managed by EBN, Crédit Agricole Indosuez and Banco Pastor, the deal will be the first issued in Spain to include tranches containing mortgages with a loan to value ratio of over 80% - the Spanish version of non-conforming mortgages.

Westfälishe Hypothekenbank (WestHyp) this week issued a fully unfunded synthetic collateralised bond obligation backed by European MBS. Arranged by WestLB, it allows WestHyp to transfer the credit risk on a Eu726m mainly residential MBS portfolio, while still receiving coupon and principal payments.

Although the bond and equity markets this week started to wind down in preparation for Christmas several ABS lead managers are still planning to launch deals, while the first quarter pipeline for 2001 is already expanding rapidly. A number of deals may be priced today (Friday) including Natexis Bank's IGLOO, a synthetic CDO transferring risk before year end, HypoVereinsbank's Promise A and, as EuroWeek went to press, Bank of America and Banca Monte dei Paschi were about to launch a CDO called Vintage. Korean airline Asiana is also hoping to launch its innovative securitisation of airline tickets in the next week.

HFC Bank, a specialist UK consumer finance bank, last Friday launched a £240m securitisation backed by unsecured consumer loans, returning to the market after nearly two years. The bank was a regular issuer during the early 1990s but the last time it issued publicly was in November 1998.

WestLB will today (Friday) underwrite the first half of its $300m future flow securitisation, backed by hard currency revenues from trade payments and other transactions on behalf of Koçbank of Turkey. The deal will represent the first of two $150m tranches rated triple-B by Fitch with average lives of just over three years. WestLB will fund the entire first half of the transaction with the intention of selling it on to investors in the New Year.

Electricité de France this week launched a third tranche of asset backed commercial paper as part of a Eu2bn securitisation of its current and future receivables. Lead managed and set up by Bayerische Landesbank, the deal is ultimately backed by receivables from EdF's small and medium sized corporate customers. The deal will become the largest transaction of this type completed by an industrial company in Europe.

Finconsumo, the Italian lender jointly owned by Istituto Bancario San Paolo di Torino and CC-Holding GmbH, the German subsidiary of Banco Santander Central Hispano, this week launched its first securitisation of consumer loans in a deal worth Eu359.5m. Finconsumo is a medium sized lender in the independent sector in Italy. But it has seen rapid expansion in recent years and plans to transform into a full bank next year. It wants to use securitisation to diversify its funding and stabilise its balance sheet ahead of this move.