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Corporates Standard Bank London Ltd signed an innovatively structured one year syndicated pre-payment facility for Solo Industries Ltd (SIL) on December 18 in London.

* Morgan Stanley Dean Witter brought a $184.32m home equity deal for Block Financial, a subsidiary of H&R Block. Block Financial 1998-1, the company's third securitisation, offered five small fixed rate tranches and a $92.32m floater priced at 23bp over Libor with a three year average life. The deal was wrapped by MBIA.

* Floating rate dollar investors this week eagerly greeted one of the first FASIT securitisations, as Nomura Asset Capital Corp launched $2.05bn of Euro/144A notes through Nomura and Morgan Stanley Dean Witter. Nomura Depositor Trust Series 1998 ST-1 sold $1.209bn of triple-A rated senior notes with a 2.9 year average life and four classes of bonds with 4.96 year average lives rated double-A, single-A, triple-B and triple-B minus.

HR NOSHADE SIZE=1> * Carlsberg Finans AS

* US finance company GMAC has made a bold step into the UK mortgage market with the purchase of Birmingham Midshires Mortgage Services. GMAC will focus on providing non-standard mortgages, a growing sector of the UK market. The purchase was made through GMAC subsidiary Residential Funding Corporation, and the new company will trade as RFC Mortgage Services Ltd. RFC aims to generate business by developing links with mortgage originators --including the Birmingham Midshires itself -- as well as purchasing mortgage portfolios.

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.

LARGELY STARVED OF SUPPLY IN THE conventional UK mortgage-backed market, many participants have pinned their hope on the development of a market for sub-prime, or non-conforming mortgages.

* Merrill Lynch will next week launch Contimortgage Home Equity Loan Trust 1998-2, a $1.75bn deal with fixed and floating rate tranches. * Deutsche Bank is believed to be preparing a £115m residential mortgage securitisation for Kensington Mortgage Co -- the deal may launch as early as next week.

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KENSINGTON Mortgage Company, the UK non-conforming lender, broke new ground this week by creating separate, tradable securities from every scrap of cashflow on a mortgage portfolio. The company launched a £111.4m bond through Deutsche Bank, which was also the first UK non-conforming mortgage deal to be 144A eligible.

* Deutsche Pfandbrief- und Hypothekenbank AG Rating: Aa3

In size as in geography, the UK asset-backed market lies somewhere between the US and continental Europe. It is nearly twice as big as the French market (its nearest European competitor) but only a tenth the size of that in the US.