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EUROPE'S GROWING asset backed market took another leap forward this week when Banca del Salento launched the first public securitisation of Italian mortgages. Lehman Brothers and Paribas ran the books jointly for the Lit365bn offering, which is the fruit of nearly a year's structuring work.

EUROPE'S GROWING asset backed market took another leap forward this week when Banca del Salento launched the first public securitisation of Italian mortgages. Lehman Brothers and Paribas ran the books jointly for the Lit365bn offering, which is the fruit of nearly a year's structuring work. Banca del Salento is a medium sized private bank based in the Apulia region, and one of the most profitable in southern Italy.

Denmark ABN Amro and Crédit Lyonnais have launched general syndication of a Dkr2.4bn,10 year loan for Mobilix, the Danish telecoms subsidiary of France Télécom. The debt will be used for to expand the company's network. Finland

THE SLOVAK Republic is to launch a Euromarket financing of up to $1bn equivalent next week in a move that should enable the embattled country to set simultaneous benchmarks in three of the world's major currencies. Denominated in dollars, Deutschmarks and yen, the bond financing package will also represent the sternest possible test of investor sentiment towards a country that has been plagued by economic and political uncertainty over the past year. The ambitious transaction will mark the first occasion on which the Slovak Republic has tapped the international bond markets in its own name -- previous transactions have been conducted via the country's central bank, the National Bank of Slovakia.

Market commentary Compiled by Tawanda Nyandoro, RBC DS Global Markets, London. Tel: +44 171-865 1087

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* Deutsche Pfandbrief- und Hypothekenbank AG Rating: Aa3

* General Electric Capital Corp Rating: Aaa/AAA

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WestMerchant Bank has recruited James Garvey as head of central and eastern Europe, Middle East and Africa.

SOLE arranger UBS has signed and closed syndication of the £718m limited recourse financing for the UK's largest independent gas fired merchant power project -- the 1,200MW Saltend cogeneration plant. The deal is remarkable in demonstrating that there is a growing number of banks with credit committees willing to accept limited recourse merchant risk and also that there is appetite for subordinated project finance debt.

The banks and their roles in the $10.9bn debt facilities backing Texas Utilities' acquisition of the Energy Group are as folllows: Joint lead arrangers are Chase Manhattan, Lehman Brothers and Merrill Lynch International Bank.