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UK non-conforming mortgage lender Kensington Mortgage Co made a bold bid to diversify its investor base this week by launching the senior tranche of its latest securitisation in dollars - a first for the UK non-conforming MBS market. Kensington pioneered cross-currency securitisation in the sub-prime market last October, when WestLB sold the senior tranche of its Residential Mortgage Securities 7 deal in euros.

Morgan Stanley Dean Witter will today (Friday) price a Eu380m securitisation of non-performing loans for Italy's Banco di Sicilia. Island Finance (ICR 4) SpA is Morgan Stanley's fourth securitisation of Italian NPLs, but unlike the earlier deals, which parcelled loans Morgan Stanley had bought from Italian banks, it is an agency securitisation.

* Sofinloc, a finance company owned by Portugal's Banco Finantia, this week launched its second securitisation of car loans, auto leases and long term rental contracts, with a Eu100m deal lead managed by Deutsche Bank. KV Prabhakar, head of asset backed syndication and trading at Deutsche Bank in London, said the deal was the first of many to come this year from Portugal, where the already enthusiastic interest in securitisation has been strengthened by the passing of a securitisation law last year.

Australian Mortgage Securities Ltd, the non-bank mortgage financing programme owned by ABN Amro Bank, launched its second Euromarket MBS this week after a high profile roadshow in Europe. A regular issuer in the Australian domestic market, AMS made its international debut last July, in the midst of the spate of Australian MBS that pushed spreads to unprecedentedly wide levels.

Risk managers are primarily concerned with the risk of low-probability events that could lead to catastrophic losses.

THE AUSTRALIAN bond markets have taken their first steps into the internet revolution with news this week that both Commonwealth Bank of Australia (CBA) and Telstra Corp are laying plans to sell

GREATER CHINA's borrowers stirred for the first time this year after the launch of a dollar deal by Sun Hung Kai Properties, the filing of a benchmark offering by Kowloon Canton Railway Corporation (KCRC) and the repositioning by the People's Republic of China (PRC) in advance of a potential dollar offering.

Crayfish Co Ltd will become the first Japanese company to complete a dual listing when the internet services company lists on the new MOTHERS market of the Tokyo Stock Exchange and on Nasdaq later this month. Crayfish will sell 1,000 shares in a public offering in Japan

Australia Merrill Lynch has completed an accelerated global bookbuild exercise to sell 13m News Corporation preference shares on behalf of an undisclosed customer.

THE REPUBLIC of the Philippines embarked on global roadshows this week for a deal that observers believe may either make or break its reputation in the international debt markets.

THE HONG KONG internet and technology stock bandwagon gathered yet more momentum this week, ignoring the volatility on the international traditional stock markets and responding to more record highs on Nasdaq. Shares in Tom.com surged more than 400% on their March 1 debut. Huge demand from retail investors in Hong Kong is underpinning international institutional demand and should provide the platform for more stunning debuts from several other stocks due to list in Hong Kong and overseas, including HK.com, SUNeVision and Sunday Communications.

ASIA PULP & Paper (APP) has stepped back into the international debt markets for the first time in over two years with the launch this week of a $350m bond offering for its China operations.