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Commerzbank this week launched an oversubscribed £250m securitisation for igroup limited, the UK non-conforming mortgage lender formerly known as Ocwen UK Ltd. The deal marks a breakthrough for Commerzbank's securitisation team, which has so far lead managed few term ABS for third party clients.

Deutsche Bank 24, the retail banking subsidiary of Germany's largest bank, this week issued a Eu2.884bn synthetic securitisation of its German residential mortgages. Haus 2000-2 was issued direct from the bank's balance sheet under a guarantee from Deutsche Bank, without the use of an SPV. Sole managed by Deutsche, the deal was the first of the bank's synthetic securitisations to take all the triple-A exposure into the credit default swap market, leaving only Eu158.7m of bonds.

FCE Bank, the European finance arm of Ford Motor Co, has launched its long awaited £250m securitisation of UK car loans through the newly created SPV Globaldrive (UK) plc. Lead managed by Barclays Capital, the deal offered £240m of senior bonds rated triple-A by all three agencies. With an average life of 3.86 years, the note priced at 25bp over one month Libor. A £10m single-A piece with an average life of 4.92 years priced at 65bp over.

IKB Deutsche Industriebank is preparing to launch the first of several large synthetic securitisations under KfW's programme to transfer the risk of loans from Mittelstand companies to the capital markets. Dresdner Bank and HypoVereinsbank announced in September that they will each securitise Eu1bn to Eu1.5bn of Mittelstand loans originated under the supervision of KfW and fellow government agency Deutsche Ausgleichsbank.

The Dutch government has backed down on proposed changes to its Tax Reform 2001 that threatened the securitisation market and provoked widespread confusion and anger. A written statement is expected today (Friday), and already Dutch mortgage deals that had been put on hold are moving forward.

The introduction of the new 6% notional coupon for T-bond and T-note futures, beginning with the March 2000 contracts, brought to the forefront an important concept that had long been disregarded: valuing the embedded quality option.

With Ford Credit tapping the market this week, Principal Finance re-opening its Kangaroo bond issue, Bank of America (BoA) on a roadshow, and intentions from the Province of Quebec and Monumental Life to tap the Kangaroo bond market, foreign interest in the domestic Australian debt market seems to be rapidly improving. Ford Credit launched a A$200m floating rate note transaction this week. The interest from the domestic market was such that Ford increased the transaction to A$250m, and priced the deal at 39bp, the low end of the 39bp-41bp range that it had been discussing. Commonwealth Bank of Australia (CBA) sole lead managed the transaction.

Australian non-conforming mortgage originator Bluestone Mortgages has arranged a A$250m warehouse facility via Nomura and is aiming to issue MBS within the next 12 months. Bluestone, created by Alistair Jeffery, a former securitisation director at Nomura in London, has copied the UK non-conforming model and will use securitisation as a core funding source.

Australia Bankers report they are under strict instructions not to comment on the announcement yesterday (Thursday) by BHP chief financial officer Chip Goodyear that the company will sell A$450m of preferred securities into the US market.

After several weeks of speculation, the government of Malaysia confirmed its intentions to access the euro denominated bond market for the first time. The government has appointed Barclays Capital and Deutsche Bank to joint lead manage a euro bond, which it is intending to issue for benchmarking purposes for Malaysian issuers.

Following its successful IPO, Mass Transit Railway Corp (MTRC) reinforced its international reputation by launching a quick-fire $600m global bond issue this week to strong investor demand. MTRC proved that concerns about market conditions would not hinder its plans with the rapid launch of the transaction without syndication.

Swedish specialist engineering firm Alfa Laval issued a well received Eu220m 10 year high yield bond yesterday (Thursday), with joint lead managers DLJ and UBS Warburg pricing the deal at the tight end of expectations. The B2/B issue gives investors a 12.125% coupon, which compared with price talk in the 12.25% area. The deal was helped by more stable markets this week, with officials at the bookruners reporting good demand from European high yield accounts.