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Amount: $282.6m, £164.7m Issue price: 100.00

WestLB is expecting to launch and price Residential Mortgage Securities 12 plc on Monday. Final tranche sizes have still not been confirmed for the Kensington Group transaction. Price talk is the 3bp area over Libor on the short dated dollar notes. The remaining notes have a legal maturity of July 2036 with price talk of the low 30s on the sterling triple-A tranche, the high 20s on the dollar triple-A notes, 60bp over on the double-A rated sterling tranche, 100bp over on the sterling single-A notes and 250bp over on the sterling layer rated BBB+. * Credit Suisse First Boston is continuing the marketing of its collateralised fund obligation (CFO) for Investcorp Man-agement Services. Price guidance on the $365m deal is in the 60bp area over six month Libor on the $250m triple-A notes, 150bp-160bp over on the $65m single-A tranche and 280bp over on the $50m triple-B layer.

* Dresdner Kleinwort Wasserstein and Mediobanca opened the books yesterday (Thursday) for Quarzo, a Eu500m securitisation of consumer loans for Compass, the consumer finance arm of Mediobanca. The banks expect to price the deal next week. Two tranches of floating rate notes are being offered. Official price talk on the Eu479m triple-A tranche with an average life of 4.42 years and expected maturity of January 2008 at the call date is 32bp-34bp over three month Euribor.

It hasn't been the happiest of times for Swiss banks over the past six months. Poor Credit Suisse is being hammered by the local Zurich press and chairman, Lukas Mühlemann, is hanging on by his fingertips. The chances of Credit Suisse First Boston staying independent is now, according to the bookmakers, 18 months at the outside. Profits at Vontobel and Julius Baer, have dropped off and Switzerland's wealthiest investor, Martin Ebner, has run into a brick wall in Scandinavia. Is UBS therefore the country's last great hope of maintaining some credibility in the global banking amphitheatre? We always thought that UBS was a rather underrated shop - the impression is that it genuinely wants to be a Bergdorf Goodman or Saks Fifth Avenue, but when you open the door, you find yourself in a local 7-Eleven.

This week saw the first securitisation of rents from student accommodation for over two years, when Unite Group plc securitised rental flows from a portfolio of student and NHS key worker accommodation. Investors were initially wary of exposure to the low income world of UK students and only six of the 47 properties are occupied by the NHS. In February, Moody's downgraded two tranches of notes from the first securitisation of UK student loans, Greenwich NatWest's £1.03bn THESIS No 1 plc of March 1998.

* Banco Santander Central Hispano is preparing to launch Fondo de Titulización Hipotecaria Hipotebansa 10, its 10th securitisation of Spanish residential mortgages. Observers believe that Deutsche Bank or JP Morgan will be awarded the distribution mandate for the Eu900m transaction. The deal was tightly bid in a competitive auction and is expected to be launched next week. * Annington Homes Ltd is expected to launch the tap of Annington Finance No 4 (AF4) on Monday. AF4 was a securitisation of UK ministry of defence housing acquired by Nomura in 1996.

* Morgan Stanley is preparing to launch Clare Island, a Eu400m collateralised debt obligation backed by loans and bonds originated by Allied Irish Banks. The books have already closed on a Eu30m triple-B piece, a Eu25m double-B piece and the equity thanks to strong investor interest. Market participants suggest that a Eu212m piece rated triple-A and Eu104m of double-A rated paper are still to be sold. Price talk on the triple-A piece is 45bp-48bp over six month Euribor and around 75bp over on the double-A paper. Around 70% of the primarily European portfolio consists of senior secured loans, 20% mezzanine loans and 10% high yield bonds. The deal is expected to be priced in early February.

Kensington Mortgage Group, the UK lender of non-conforming mortgages, this week launched its largest securitisation to date: a £380m offering denominated in dollars and sterling. Lead managed by Barclays Capital (books), Bear Stearns, Morgan Stanley, NIB Capital and WestLB, the deal was unusual in that its senior piece, denominated in dollars, was sold to US money market funds under rule 2a7 of the Investment Company Act.

Asia Pacific * REISMAC 2001-2

* Citibank/Salomon Smith Barney, Credit Suisse First Boston and Lehman Brothers are believed to have won the joint mandate for Holmes V, the next mortgage backed securitisation from UK bank Abbey National from its master trust structure. The bank hopes to launch the deal this year subject to market conditions but timing and size are still to be determined.

* JP Morgan is now marketing the equity tranche of Jubilee, the Eu500m arbitrage CDO it is lead managing for Barclays Bank, securitising European high yield debt. The deal is expected to be closed by the end of the year. * Rabobank and Fortis Bank are expected to launch a Eu1.5bn securitisation in November backed by residential mortgages originated by ASR Bank, part of the insurance-based group AMEV Stad Rotterdam that was taken over by Fortis last year.

Igroup Limited, the UK non-conforming mortgage lender, launched a £200m securitisation this week that achieved tight spreads compared with recent issues in the sector. Lead managed by Credit Suisse First Boston, Originated Mortgage Loans 8 plc offered a £176m senior tranche rated triple-A by Fitch and Standard & Poor's. The note was priced at 40bp over one month Libor with an average life of 2.1 years and 2008 expected maturity.