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Dresdner Bank yesterday (Thursday) launched a Eu1bn collateralised loan obligation backed by loans to small and medium sized corporates (Mittelstands) in Germany under Kreditanstalt für Wiederaufbau's (KfW) Promise programme. Lead managed by Dresdner Bank, the Promise scheme was devised by KfW to increase capacity for lending to Germany's many Mittelstands.

Abbey National, the UK's second largest mortgage bank, launched a £2.2bn securitisation of mortgages this week, its third from the innovative master trust vehicle it created in June last year. Lead managed by Credit Suisse First Boston and Salomon Smith Barney, the deal, which actually offered $2.18bn and Eu879m, was once again a hit with investors on both sides of the Atlantic.

Deutsche Bank and Merrill Lynch this week launched the second Portuguese deal of the year with a Eu1.1bn collateralised bond obligation for three Portuguese banks and asset managers. Banco Comercial Português, Espírito Santo Fundos de Investimento Mobilário (ESAF) and AF Investimentos Gestão de Patrimonius (AFI) provided a portfolio of 117 credits, combining Portuguese bonds and Eurobonds.

An $8.8 million chunk of Mariner Post-Acute Health Network's bank debt traded at 54-55 on Monday, up from most recent levels of 52-54. Dealers also report that 360networks' bank debt took a 10-point blow into the low 40s today on news that its earnings were slashed.

Despite its relatively modest size, the Netherlands has been at the vanguard of change in the era of the single European currency. Dutch companies, long established in the international arena, have been quick to venture overseas for funding, as have previously domestically oriented institutions. Philip Moore reports on how, by listening to investors and venturing into new markets, issuers from the Netherlands have been persuading an increasing number of investors to go Dutch.

Abbey National Financial Products has entered a 10-year USD1.5 billion (notional) credit-default swap with a special purpose vehicle sponsored by Abbey National. The SPV, named Marylebone Road CBO 2, entered the swap as part of a synthetic collateralized debt obligation it issued recently. The CDO was brought to market by Bear Stearns.

ABN AMRO in Mumbai recently completed a rupee-denominated interest-rate swap with the Industrial Development Bank of India (IDBI). With a maturity of seven years, the deal is believed to be the longest dated swap so far transacted in the local market, said Rohit Malhotra, assistant v.p., derivatives marketing at ABN AMRO in Mumbai.

Citibank believes the Norwegian kroner has upside potential against the euro and is pitching an options strategy to take advantage of the view.

American Express is preparing to launch a pair of hedge funds--with a total target size of USD1.5 billion--that will make heavy use of derivatives. Scott Nelson, alternative investment funds manager in Minneapolis, said it plans a European equity long/short market neutral and a high-yield distressed debt arbitrage fund. The high-yield fund will have a bias toward the U.S. but a global mandate. "The use of derivatives [will be] extensive." The funds will use derivatives, such as longer-dated puts and calls, to manage the risk/return profile. Nelson declined comment on the timing of the move.

Credit Suisse First Boston in Singapore has just brought aboard Jeremy Brest, head of North Asia technology research at Nomura in Seoul, as a regional markets derivatives structurer. Brest reports to Carl Bautista, director and head of structuring in Singapore. Bautista could not be reached. Brest declined to comment on the move.

Dresdner Kleinwort Wasserstein is bolstering its equity derivatives operation in Asia with the launch of a desk in Hong Kong and new hires in Tokyo. The firm will initially focus on issuing and trading local warrants but plans to expand into all other equity derivative products.