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DEUTSCHE Morgan Grenfell brought Citibank back to the fixed rate Deutschmark sector this week, with a seven year deal targeted primarily at German investors. The senior tranche of Citibank Credit Card Master Trust 1 Series 1998-5 was increased from DM1bn to DM1.25bn on the day of launch and came at the tight end of price talk. Class 'A', rated triple-A, was issued at 102.10 and re-offered at 99.65 to yield 25bp over the 7.375% January 2005 Bund with a coupon of 4.78%. The DM80m subordinated tranche, rated A2/A, pays a 5.18% coupon.

GREENWICH NatWest brought a new name to the UK non-conforming mortgage securitisation market this week with a £59.85m deal for Southern Pacific Mortgage Ltd. The company is the UK subsidiary of US lender Southern Pacific, which was in the market last week with its own $555m deal through Morgan Stanley. Southern Pacific Mortgage is likely to compete with other lenders such as Kensington Mortgage Co to lend to borrowers with unusual or impaired credit histories, rather than pursuing the poor credit, equity driven market dominated by outfits such as City Mortgages.

MERRILL Lynch brought Alliance Funding Corp to the market last Friday with a $450m mortgage securitisation wrapped by triple-A rated FGIC. AFC Mortgage Loan Asset Backed Certificates Series 1998-1 is unusual in that it is entirely floating rate, even though some of the collateral is fixed rate.

ANZ INVESTMENT Bank this week launched a CBO, backed by a portfolio of emerging market bonds and loans managed by ANZ Emerging Markets Fund Management. Second Emerging Markets CBO Ltd offered $75.075m of sequentially amortising paper. Class 'A1', worth $42m and rated Aaa by Moody's, has an average life of 5.7 years and pays 40bp over six month Libor. The $18m 'A2' notes, rated A2, have a 9.5 year average life and coupon of 90bp over six month Libor. The $15.075m 'B' tranche was privately placed.

* A reverse inquiry to Barclays Capital spurred Capital One to bring its first credit card securitisation of the year last Friday. Capital One Master Trust 1998-1 was structured as a 10 year soft bullet. The $500m class 'A' notes, rated triple-A, priced at 63bp over Treasuries with a 6.31% coupon. Class 'B', worth $50.24m, came at 83bp over, with a coupon of 6.536%.

THE Royal Bank of Scotland made its debut as a Eurobond lead manager this week, bringing an innovative repackaging of asset backed securities from its own balance sheet. RBS has effectively leveraged a closed portfolio of assets, keeping some of the potential upside and limiting its downside to the size of the equity piece. It has also freed up significant capital -- the bank will only have to hold capital equivalent to the full value of the equity.

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THE AUSTRALIAN government has announced it will sell the remaining two thirds of telecom company Telstra in an A$40bn ($26.6bn) offering which could hit the market by the end of this year should John Howard's conservative party be returned to office after national elections. Bankers are already scrambling for positions in the sale, which could generate approaching $50m in fees.