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Barclays Capital this week launched the first securitisation of shared appreciation mortgages (SAMs) in the UK for over a year, with a £97.84m triple-A rated zero coupon bond. The 55 year deal, Millshaw SAMS No 1 Ltd, is backed by 3,253 first charge mortgages that Barclays originated between May and July 1998, specifically for this transaction. The loans have a maximum loan to value ratio (LTV) of 25%. Borrowers pay no interest, but when they sell their house, pay off the mortgage or die, they must surrender a share in the appreciation of the value of the property, calculated as three times the LTV.

Credit Suisse First Boston will price La Défense II plc today (Friday). The Eu174.151m deal is the second securitisation to finance sales of buildings by Vivendi to SITQ, the international investment arm of Caisse de Dépôt et Placement du Québec. The transaction has been delayed by a week because of documentation difficulties relating to the swap.

Nine Spanish savings and cooperative banks this week launched one of the country's largest mortgage backed securities, with the Eu1.0517bn TDA 7 offering, lead managed by Crédit Agricole Indosuez, EBN Banco and Société Générale. For the last few years tax breaks have wooed Spain's middle class savers out of bank deposits and into mutual funds, leaving the banks short of liquidity. The funding squeeze has prompted an ever wider range of banks to securitise their mortgages - particularly since the Bank of Spain began accepting MBS as collateral for repo borrowings last summer.

When formulating investment strategies and assessing risk, traders and investors often make use of two quite different techniques: scenario analysis under specific market scenarios, and Monte Carlo simulation.

Korean company Halla Cement this week issued the largest international debt offering to emerge from Korea since the republic's $4bn transaction of April 1998. Using the capital markets as an exit for what was the second largest ever Korean bankruptcy, the deal may provide a template for future M&A financings from the country and the region. Lead manager Rothschild Inc is already far advanced on a second offering for Mando Machinery, the flagship company of the collapsed Halla group.

Sydney Airports Corporation (SAC) completed one of the largest ever corporate bond offerings in the domestic Australian market this week, signalling a new stage of development away from traditional dominance by bank credits. Commonwealth Bank of Australia (CBA) and Westpac were joint lead managers for an A$400m ($254m) five year deal due March 15, 2004. Priced at 99.873 with a 6.35% coupon, the A+ rated transaction came at 97bp over government bonds, equating to 52bp over swaps.

The Kingdom of Thailand has backed away from the launch of its long mooted global bond offering, pushing the prospective timetable for the deal back to the second half of the year. Ministry of Finance officials told Euroweek that an issue is not now likely before the end of June. "Funds received as a result of the Miyazawa plan have used up two thirds of our $2bn capital markets quota for the financial year," said one official.

Kepco's $500m secondary ADR sale got off to a shaky start this week when a finance ministry slip up left bookrunners ING Barings, Salomon Smith Barney and Hyundai Securities fielding questions about the myriad uncertainties surrounding the deal during the first week of the roadshow. The lead managers advised the government on Saturday to sell 42m shares, reducing its stake from 5.38% to 2.08%. Assuming parity of the ADRs to local stock - they are currently at a 15% premium - $500m would be raised, increasing to $600m should the 15% greenshoe be exercised.

Life Co, an independent Japanese consumer finance company, is to launch its first international auto loan securitisation through Warburg Dillon Read in the next two weeks. The transaction, known as Freya Funding Corp after the Norse goddess of life, will be worth between $200m and $220m, and will be wrapped by triple-A rated monoline insurer FSA. With a one year average life and five year legal final maturity, the deal is expected to be priced in the low 40s over one month Libor.

n Kookmin Bank this week launched a rare bond offering from the Korean banking sector. The $50m private placement FRN was led by Daiwa Securities (HK) Ltd at a spread of 25bp over six month Libor and a two year maturity. n Following the success of its debut euro denominated offering last week a second company affiliated to Hutchison Whampoa has launched a bond offering.

* KfW International Finance

EARLY indications that appetite for Rexam debt has been strong have prompted observers to speculate that the deal is benefiting from a quiet syndicated loan market. The Eu550m deal was launched into the market two weeks ago and many bankers had feared for its safety in retail. But the dearth of deals in the market since the beginning of the year has, say some bankers, increased the financing's profile.