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Abbey National is to securitise £2.2bn of its residential mortgages in a multicurrency bond issue, lead managed by Schroder Salomon Smith Barney, that will be by far the largest mortgage backed security ever issued in Europe.

Egypt The selldown of the $225m acquisition financing for Orascom Telecoms, jointly arranged by Chase Manhattan and Citibank, is progressing well.

Abbey National is to securitise £2.2bn of its residential mortgages in a multicurrency bond issue, lead managed by Schroder Salomon Smith Barney, that will be by far the largest mortgage backed security ever issued in Europe.

DEUTSCHE Bank and Goldman Sachs sold a Eu2bn exchangeable for Siemens into Infineon with aggressive terms this week. Despite a sharp drop in semiconductor share prices on Wednesday, the bond has remained above issue price. The issue closed 2.5 times covered, having priced at the top of the yield to maturity range of 1.5%-2%. "Investors said the bond floor was the lowest they had seen - at a theoretical level of between 81 and 83," said a banker.

Hong Kong A group comprising BA Asia, BOCI Capital, Citicorp International, Hang Seng Finance and HSBC Investment Bank Asia has launched a HK$5.1bn fundraising for Great Eagle Holdings through wholly owned special purpose company Renaissance City Development Co. The parent is providing a guarantee.

Europe * First Italian Auto Transaction SpA

Australia Arrangers National Australia Bank and Westpac have underwritten a A$772.5m transaction for SPI Australia Finance for the recent acquisition of GPU PowerNet from Austran Holdings Inc, which is owned by New Jersey based GPU Inc.

Market report: Compiled by Glenn Blackley, RBC DS Global Markets, Australia Tel: +61 2 9373 0431

How easy is it to uncover information about Goldman Sachs? Usually you have as much chance of hearing the low-down on Goldie as seeing a Scotsman unlock his sporran to buy the first round of drinks in a bar. Goldman does not encourage active public relations. Given half a chance the firm would prefer not to speak to the outside world at all. However, we were recently at a private dinner party in the suburbs where an ex-employee, with a fortune in the bank and not a care in the world, blew the whistle on some aspects of his old firm. We discussed Lisa Endlich's book, The Culture of Success, whether Goldie made any money in 1994, and what exactly happened to Jon Corzine.

* Bank of Scotland Treasury Services Guarantor: Bank of Scotland

Even those traders disinclined to technical analysis agree that dollar swap spreads stand at a crucial juncture. By yesterday (Thursday) afternoon, the 10 year was trading at 117.25bp over Treasuries, the bottom of the April-June range. Swaps have been in this territory several times in the last couple of weeks, without managing to break through the 117bp barrier. But an increasing number of factors point to a penetration of this level. "If we close below 117bp, we could be going significantly lower," said one trader.