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TUSSAUDS Group, the UK company that owns the Madame Tussauds waxwork museum in London and several leading theme parks in the UK, last Friday executed a £230m securitisation to refinance its leveraged buyout from media group Pearson last November. The transaction fits neatly into the growing family of long dated securitisations of a company's entire revenues, fostered by the UK's lively M&A culture, the appetite of its insurance companies and pension funds for long term fixed rate assets, and a legal environment that is unusually friendly to secured creditors.

TWO SPANISH savings banks this week brought the ninth mortgage securitisation from the TDA stable, sponsored by securitisation management company Titulización de Activos, with a Eu332.4m (Pta55.3bn) deal lead managed by Crédit Agricole Indosuez, EBN Banco and Société Générale. The borrowers comprised an experienced securitiser, Alicante based Caja de Ahorros del Mediterráneo, and a novice, Caja Laboral Popular. Based in Mondragon in the Basque country, Caja Laboral is Spain's largest credit cooperative, and belongs to the country's biggest industrial cooperative, Cooperativa Mondragon, whose diversified activities include hypermarkets, domestic appliances and manufacturing buses.

DEUTSCHE Bank opened a new front in its campaign to improve return on equity this week, with the first securitisation of loans from its global banking division. The Eu839.3m deal brings the total of the bank's outstanding securitisations to Eu6.74bn -- all launched in the last 12 months. Known as Globe 1999-1, the transaction also confirms Deutsche's policy of emphasising the distinct identity of the collateral backing each of its securitisation programmes through clear branding. Most major banks have structured CLOs with anonymous names such as ROSE and Millenium, conveying nothing about the underlying assets, and serving only to indicate that the vehicle is distinct from the selling bank's risk.

BANK Labouchere executed its third securitisation of retail equity leasing contracts at the end of March, in a Dfl 1.5bn (Eu680m) deal privately placed with a single Dutch pension fund. The bank's range of stock leases has been a phenomenal success with Dutch savers, who have flocked to borrow money from the bank to buy or lease a portfolio of blue chip Dutch stocks. Since interest payments are tax deductible, net interest rates on the leases are relatively low.

CIBC World Markets brought Britannia Building Society's second mortgage securitisation last Friday with a £173.2m deal through Leek Finance No 2 plc. Named after Britannia's Staffordshire home town, Leek Finance No 1 parcelled mortgages acquired from Citibank in December 1996 -- it was structured by the same securitisation team, before its transfer from UBS to CIBC last year.

* Dresdner Kleinwort Benson is expected to launch its first securitisation using credit derivatives next week, with a Eu400m to Eu500m collateralised bond obligation called Cathedral. Market participants in London said the deal will have three tranches with five year maturities -- Eu400m of triple-A bonds and two classes rated triple-B and double-B. Price talk is 19bp to 21bp over three month Euribor, 115bp area and 300bp area.

This article will show how recent advances in value-at-risk methodology can be effectively applied for risk measurement and management.

PRICING of the $500m global bond by the China Development Bank (CDB) will take place on Tuesday, following well received roadshows in Asia and London which signal satisfactory investor demand. Although the ability of the Baa1/BBB+ rated credit to capture the imagination of US investors will prove crucial to the success of the deal, Asian observers believe that it stands well placed to catch the tail end of the pan-Asian rally in bond spreads. China and Hong Kong spreads, for example, have continued to contract over the past few weeks, with benchmark issuers now sitting flat to the US triple-B domestic curve, averaging 165bp over Treasuries.

THE FEDERATION of Malaysia is expected to announce (today) Friday the appointment of Salomon Smith Barney as sole bookrunner of its forthcoming global bond offering.

THE REPUBLIC of the Philippines scored a new and unexpected success this week with the completion of its $610m refinancing. The ease with which the split fixed and floating rate deal saw books close twice oversubscribed surprised a number of bankers who had deemed pricing aggressively tight.

LEHMAN Brothers and Merrill Lynch yesterday (Thursday) sold 898m PT Telekomunikasi shares owned by the Indonesian government, raising $406.91m and underlining the advance of bullish sentiment across the region. The shares were sold at Rp3,650, a 2.01% discount to the close yesterday (Thursday) of Rp3,775. The sale represented 9.6% of the total 9.33bn shares outstanding. Lehman and Merrill have long been mandated for the privatisation and began marketing an issue earlier in the week after ABN Amro failed to put together a successful deal for part of the government stake.

THE AUSTRALIAN bond market re-affirmed its resilience this week with the easy absorption of benchmark issues for Deutsche Siedlungs und Landesrentenbank (DSL) and local retailer Coles Myer. Both transactions represented landmarks in Australia's rapidly widening domestic credit spectrum, with DSL becoming the first German issuer and second Kangaroo borrower in the sector this year, and Coles Myer the first corporate issuer to bring a 2003 offering.