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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.

Insurer Aegon successfully issued its first securitisation with a Eu931.3m residential mortgage deal bringing fourth quarter Dutch issuance to over Eu3bn. Despite launching at the end of the year and after record issuance the deal was priced tightly with the 3.9 year triple-A senior FRNs paying Euribor plus 27bp.

A financial basket contains a fixed portfolio of financial objects, such as bonds, and shares.

Adelaide Airport is finalising its debut bond issue into the domestic market, which is expected to be Australia's last infrastructure domestic bond issue in 2000. The airport is accessing the market for a much anticipated A$240m 10 year bond issue, which is likely to be priced early next week. The deal, arranged by funding affiliate New Terminal Financing Co, benefits from a credit wrap provided by MBIA Insurance, continuing the trend that has seen many utility and infrastructure companies accessing the market with the aid of credit wraps all year. As a result, the issue has been rated Aaa/AAA, as opposed to the issuer's unwrapped rating of BBB.

Longreach CP Ltd (LCP) is raising A$147.2m through the sale of four tranches of securitised notes related to a sale and leaseback of the Sydney Airport Centre, which is owned and occupied by Qantas Airways. The issue has been squeezed in before year end for the various parties to close off their books. Unlike the recent CDB Infrastructure CMBS related to David Jones' properties, the LCP deal is secured not on the property but essentially on the ability of Qantas to make payments on a lease during the next 10 years and also to maintain the property effectively. Hence three of the four tranches are rated by Standard & Poor's (S&P) at BBB+, the Qantas rating, and one small tranche of A$15m is unrated.

Macquarie Bank yesterday (Thursday) priced the fourth term securitisation of Orix Australia's auto and equipment hire purchase and finance lease contracts. In doing so, the bank sold the first term market asset backed securitisation of the year. Eden Park Trust No 4 is raising A$200m through the sale of three AAA tranches of floating rate amortising notes totalling A$194.8m and one single-A rated tranche of A$5.2m.

The Malaysian authorities have chosen the Christmas period to launch the IPO of Bintulu Port Holdings, Malaysia's second biggest port operator by cargo volume. The deal is targeting at least M$472m in a deal that is designed to fund capacity expansion. State owned Bintulu, owner of the sole port in the eastern Malaysian state of Sarawak, is offering 100m new shares at M$2.00 each. Of these, 60m shares are allocated to an institutional bookbuild that will include international investors, if any are still available to consider the deal between December 18, when the books open, and January 8, 2001, when they close.