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THE HOUSING Fund of Finland braved volatile bond markets this week to bring a FIM2.052bn ($380m) securitisation of social housing loans -- the first public European asset backed deal since the devaluation of the rouble sent markets spinning off balance two weeks ago. "We are delighted to have helped the Housing Fund to return with a large issue in a turbulent market and achieve an attractive cost of borrowing," said Christine Wahlsten, vice president in the capital markets division at Leonia Corporate Bank, which lead managed the deal jointly with ING Barings.

* Australian non-bank mortgage lender RAMS Home Loans Pty Ltd went ahead with its roadshow this week for a $500m mortgage backed Eurobond. A syndicate official at lead manager JP Morgan said the presentation had attracted a good response and the absence of other supply would help the deal, but the issuer was prepared to wait for markets to settle before launching.

SEVENTEEN institutions have expressed interest in the UK government's second £1bn sale of student loans. NM Rothschild, which is managing the sale, has sent them the preliminary information memorandum, and asked for indicative bids by October 9. "We are very pleased with the level of interest and quality of the candidates, which indicate an enthusiastic demand for the assets," said James Vaux, executive director at Rothschild.

Italy is regarded by many structured financiers as one of the most exciting markets in Europe. Not because there are a lot of deals around - since 1994 there have been just 12 asset-backed transactions by Italian issuers - but because the potential for future growth is so great.

Now active for over 10 years in international markets, monoline insurers continue to scour the globe for opportunities to lend their guarantee to structured financings, and to translate at least some of their domestic clout onto the overseas stage. The going has not always been easy; hoping to ride the wave of a burgeoning international asset-backed market, monolines were, like other hopeful participants, disappointed by the pace of growth, and by the fragmented nature of the opportunities on offer.

Many believe the world's second largest economy is destined to become its second largest market for securitisation after the US. More importantly, the financing technique could prove a core factor in Japan's resolution of its prolonged economic problems.

The asset-backed securities market has been growing steadily for 20 years, swelled by new issuers from an ever greater range of countries and industries. But one type of transaction has catapulted securitisation to the top of the agenda for directors of the world's biggest banks - the collateralised loan obligation.

A year ago a Californian earthquake bond seemed exotic. Now for a small group of fixed-income investors it's old hat - they want new risks. Bond and derivative investors are slowly but inexorably applying their vast resources to insurance risk, and investment bankers argue the scope is limitless. By Jon Hay.

* Wolfgang Stofer, director of finance, accounting and taxes, BMW AG

For the Greek equity market, the music stopped very abruptly in the week beginning August 24.

Securitisation has long been just around the corner as a viable instrument in Asia's financial marketplace. And never more so than this time last year.

With a population of just 3.5m and relatively small pools of assets, Ireland is unlikely ever to figure in the centre of international asset backed buyers' radar screens.