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* UK retail finance company Paragon will next week launch a £180m securitisation of non-conforming residential mortgages through ING Barings. Finance for People 4 will be Paragon's first deal backed entirely by mortgages that have not been securitised before - collateral from previously called deals formed the kernel of Finance for People 1 and 2. The third deal in the series parcelled consumer loans.

Kensington Mortgage Company, the UK non-conforming mortgage lender, this week issued a £145.2m tap of its innovative Residential Mortgage Securities 4 deal, launched in June by Deutsche Bank. RMS 4 broke new ground by creating separate, tradable securities from every scrap of cashflow on a mortgage portfolio, and was also the first UK non-conforming mortgage deal to be 144A eligible.

The binomial weave is a new technique for modeling the term structure of interest rates.

URBAN Bank and the Pag-IBIG Fund formally launched the Philippines' first long term programme for securitising mortgages this week. It is set to lead to the first listing of debt securities on the Philippine Stock Exchange. The HomeCorp Securitised Housing Loan Program will provide residential mortgages which are securitised as soon as they are disbursed to borrowers. The loans will be originated by the Pag-IBIG Fund, a government social housing fund, but will be underwritten by banks, according to private sector credit standards.

RAMS HOME Loans Pty Ltd, Australia's second largest non-bank mortgage lender, made its debut in international markets this week with a $400m mortgage backed Eurobond.

China/Hong Kong Moody's Investors Services this week placed its A3 rating for Hong Kong and the People's Republic of China under review for downgrade. In Hong Kong's case, the agency said that it would review the likely effects of a prolonged period of financial market and economic instability on the special administrative region's fiscal position, foreign exchange liquidity and financial sector.

THE LONG stalled $75m ADR sale from India's Infosys Technology could be imminent although bankers note that conditions for high tech issues in the US have weakened in the last few weeks. Although Infosys may have secured one of the changes it wanted in Indian regulations on the issuance of ADRs, SEC approval is likely with Infosys poised to take advantage of the opportunity to launch as soon as possible.

THE LAUNCH of a novel asset based financing by Asia Pulp and Paper (APP) has again enhanced the Indonesian group's reputation as one of the region's most resourceful borrowers. Led by Bank Boston, which recently handled the group's $600m exchange and consent offer with JP Morgan, the group is hoping to raise $100m from a one year facility backed by its Singapore-based paper inventory.