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UBS Warburg has topped the MTNWeek issuance league table for the first time, knocking Salomon Smith Barney (Salomon) off the top spot. It has issued $13.44 billion off 558 trades which meet the MTNWeek private placement criteria (see back page). Salomon had held the number one position since May when it edged out Merrill Lynch. From the beginning of the year the two US houses had been jostling for the number one position. And this is the first time a European house has occupied the top position since MTNWeek capped the tables at $250 million in January 1999. Last year Salomon dominated the table, sharing the top spot with Nomura at the beginning of the year. It was toppled by Morgan Stanley Dean Witter at the end of 1999. UBS Warburg has traded in eight currencies this year, with most trades split evenly between dollar (25.6%), euro (24.4%) and yen (24%). Although it favours short-dated trades with 55% of its business in the one- to three-year sector, this quarter it has done more 10-year and over paper, with 13.7% of its business in this sector.

Achmea Hypotheekbank's first securitisation, Dutch Mortgage Portfolio Loans I BV, was warmly received by investors this week after a long wait. Originally due to be launched in June, the Eu1bn transaction was put off until after the summer break.

ABN Amro and CSFB this week launched the sixth securitisation of domestic mortgages for Irish bank First Active, with a Eu350m issue through Celtic Residential Irish Mortgage Securitisation No 6 plc. Having established itself as a regular issuer, First Active was able to reach out to a broader range of investors, said Adrian Carr, head of asset backed syndicate at CSFB in London. "There were a number of investors who have been involved in the previous deals, but we were pleased to get some new investors from southern Europe, particularly Italy and Spain," he said.

Several future flow securitisations from Turkish banks could be in the pipeline as the country's banks try to find ways of raising medium term funding. Dresdner Kleinwort Benson is believed to hold a mandate for a trade payment securitisation for DisBank, while JP Morgan is putting together a similar deal for IsBank.

BNP Paribas held roadshows in Europe this week for a Eu735m collateralised bond obligation for Banca Agricola Mantovana that may be the largest European CBO in the term market. The Italian regional bank, based in Mantua, is a member of the Monte dei Paschi group. It is engaging in the securitisation to free up regulatory capital and obtain finance for new lending to retail and corporate customers.

MBNA International Bank changed the habit of a lifetime this week by issuing the senior tranche of its latest securitisation of UK credit cards in euros and doubling its usual issuance size. The Eu725m 10 year fixed rate bond, designed to broaden MBNA's investor base outside the UK, was seen as a complete success. Some 25 institutions from across Europe participated in the tranche, some of which had never bought ABS before.

Royal Bank of Scotland this week successfully followed its credit card securitisation debut in March with a $700m blowout deal. RBS Financial Markets and Schroder Salomon Smith Barney were joint bookrunners on what is the third dollar denominated securitisation of credit cards by a UK bank. With its first issue, RBS chose to structure two deals in one, selling three and five year FRNs to achieve a massive $1.6bn placement. This time the scale was more modest.

John Graham, head of European structured finance at JP Morgan, is to take a leave of absence after two years at the helm of one of the bank's most impressive businesses in London. To take his place, JP Morgan has hired Jonathan Laredo, head of global capital markets at Rabobank in London.

The Italian treasury has invited banks to bid for a mandate to bring a new securitisation of delinquent social security contributions for INPS, the government agency that collects the payments. Lit5tr (Eu2.6bn) of new assets will be available for the deal. It is not clear whether it will constitute an entirely new securitisation, or whether the new receivables will be added to the existing vehicle.

Italy's export credit agency SACE is talking to investment banks about a second securitisation of Paris Club debt. The agency is believed to have permission to securitise Eu1.5bn of debts, which will support a smaller quantity of bonds. A formal solicitation of interest is expected to be sent out shortly.

KBC Bank of Belgium this week launched its first securitisation of car loans, worth Eu250m. KBC used a new multi-issue SPV called Loan Invest NV and placed this deal through a compartment in the vehicle called Car Loan Invest-1. KBC Bank and Merrill Lynch were joint bookrunners on the deal, which was backed by 36,277 Belgian car loans granted by Cera Bank, which merged with Kredietbank in 1998 to form KBC.

The Caribbean has provided the international bond markets with $1.3bn of paper over the past year, with Trinidad & Tobago and Barbados capitalising on their investment grade ratings, and Jamaica receiving a vote of confidence from investors despite its economic troubles.