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NHP plc, the UK company that finances operators of homes for the elderly, priced its £265m lease securitisation on Friday, lead managed by Merrill Lynch and JP Morgan. "Care Homes 2 was a great deal for NHP, and the most successful of the UK nursing home deals so far," claimed Alexander Justham, vice president in JP Morgan's London structured products group. "The bonds were oversubscribed, and a very broad range of the core UK institutional investors participated. The pricing was sensible, with neither side leaving any money on the table."

Greenwich NatWest and a consortium of Deutsche Bank and Nationwide Building Society were shortlisted this week to buy the second portfolio of student loans to be privatised by the UK government. Barclays Capital had been the third candidate on the preliminary shortlist. The two leading bidders now have a week or 10 days in which to submit their final numbers.

THE PLANNED merger of SG and Paribas will combine two very different securitisation businesses. Like those of Deutsche Bank and Bankers Trust, they could be highly complementary, and successful management of the merger could produce a formidable competitor in international structured finance. Neither bank would comment, but market participants said the danger was the two groups' approaches were so disparate that it could be hard to forge a common strategy and maximise the potential advantages of greater size, geographical reach and a wider range of skills.

NISSAN CREDIT Corp, the Japanese carmaker's finance subsidiary, launched its second securitisation of auto loans this week through Aries Funding Corp II. "The deal went very well," said Hideyuki Kawashima, head of syndicate at sole lead IBJ International. "We sold mainly to banks in continental Europe, plus some UK clients."

As the outlook for Korea continues its dramatic improvement, investment bankers in their droves are visiting the republic's issuers in the hope of securing a flood of new mandates. But their enthusiasm may be premature, with funding officials wary of repeating past mistakes and the Korean authorities pointing issuers in the direction of Korea's domestic bond market. Jackie Horne reports.

* Merrill Lynch and Sumitomo Capital Securities have begun marketing Twister Funding, a club funding vehicle for 18 Japanese corporates. The transaction will raise ¥88bn of three year funds for the companies through a domestic bond issue. Twister will offer ¥59bn of senior notes rated AAA by Japanese rating agency R&I, and ¥7bn of A rated junior notes.

THE REPUBLIC of the Philippines will kick off roadshows for its inaugural euro-denominated bond in Tokyo on February 22, hoping to become the first Asian credit to crack the new currency sector. The Ba1/BB+ credit is hoping to spread the distribution net for its roughly Eu500m deal as wide as possible, lining up presentations in seven cities: Tokyo, Madrid, Paris, Milan, Frankfurt, Zurich and London, ending on February 25.

MERRILL Lynch is to launch premarketing for its ambitious mortgage backed transaction for Wharf Holdings on Monday, providing the Hong Kong securitisation market with its first real challenge since April 1998. After a promising few years, the market was all but closed for the whole of last year with the combined impact of currency pressures on the Hong Kong/US dollar peg, Hibor rates rising above Prime and a 40% collapse in property prices making virtually any deal untenable.

COMPETITION is hotting up among bankers pitching for the advisory mandate for Exchange Fund Investment (EFI), which holds HK$158bn ($20.4bn) in blue chip Hong Kong stocks bought with public funds during the authorities' market intervention last year. Meetings will finish on Saturday. The EFI holds 33 different stocks, which equate to around 7% of the Hang Seng Index.

WARBURG Dillon Read reopened the Taiwanese convertible sector this week with a $120m deal for Delta Electronics. While bankers were initially sceptical of the issue's potential for success given its pricing, by yesterday (Thursday) demand was strong with the book close to being covered.

China Shanghai Matsuoka aims to break a seven month hiatus in new issue activity on the Shanghai 'B' share market with a $30m IPO.

GOLDMAN Sachs remained confident of the success of Shandong International Power Development's (SIPD) $220m 'H' share offer this week amid expectations of a lower price range. In a move that surprised the market, Goldman's only concession to a resolutely negative market tone has been to keep the deal open over the weekend to spur greater US investor involvement.