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* 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.

Akbank, the second largest bank in Turkey, this week completed a $100m securitisation backed by its future revenues from processing credit card vouchers for VISA, MasterCard, American Express and other systems. Lead managed by Bank of America, the issue is the second Akbank has raised off these assets.

This year's Star of the Leak table award went to UBS Warburg's Gavin Eddy. It could not really have gone to anyone else - he's more in it than out of it. But that could change. Talking to Leak probably won't seem that interesting now he's been interviewed by the BBC. The Beeb was there at UBS Warburg's art night held in a disused underground railway station last Tuesday evening. There was plenty of champagne going around, so trying to figure out what the artworks actually were was made even more fun. After last Wednesday's awards dinner a few hardcore issuers and dealers felt they needed more entertainment, so the party carried on at Monte's, a bar in Kensington. But there was one award that we didn't give out at the awards party on Wednesday night. First prize for the hottest dance moves at Monte's goes to Dredner's Henry Nevstad and Ulrika Bohlin from SEK. They and many others were doing the funky chicken into the small hours. SEK declared at the conference that it wants to be the fastest borrower in the market. She certainly had to move pretty fast to keep out of Henry's clutches. Barclay's Nabil A-booze-a-lot was there too and living up to his nickname, but he was not the only one. Islandsbanki-FBA's Ingvar Ragnarsson, HSBC's Anne-Marie Ganatra, Barclay's Monja Blattner, Peter van der Hulst from Westland Utrecht and many more can all be very thankful that Leak knocked back quite a few G'n'Ts, so can't recall much about the merry goings-on, which didn't wind down until about 3.30am. One fine-looking fellow caught Leak's eye at the conference. He was wearing a red bow tie with white spots. If anyone knows who this mystery man was, please let him know he's won the best-dressed man 2001 award. Reports are coming thick and fast on SNS Bank's rally driving day last Thursday outside Amsterdam. Prizes were given out to those first back to base - the first prize went to Peter Panzer and West LB's Joachim von Hanishe, while Merrill's Dean 'the dog' Fogg came in second. The booby prize went to dealer Mattew Dickson, who came in last. After hurtling round country lanes all afternoon, the 40 or so dealers that went were treated to a trip on a barge on Amsterdam's canals. A lovely time was had by all, except for CSFB's Simon Hill and Nabil Aboulzelof, who somehow got waylaid in a lift and returned to find they had missed the boat. Who knows what two dealers left to their own devices in Amsterdam for the evening would get up to. And another question: what exactly did Merrill's cheeky trader Dean Fogg get up to that he was so keen for Leak not to find out about? Answers on a postcard please. The evening ended with dancing - Goldman Sachs' Shadi Farzad is quite a mover too, apparently. Several old faces have come out of the woodwork this week. Tony Wilson, ex MTN and CP desk head at Daiwa, showed up at the conference - he has now left DealComposer, the company he worked for with Kevin Arnold, and is working at Credit Lyonnais on the relationship side. And Bruce Cairnduff and Keith Phair both turned up at the awards party, as did web journalist Mike Tims.

"IIt was starting to look like the St Valentine's Day Massacre, but a month late," moaned one managing director at a major US investment bank. What was he whingeing about? He is a multi-millionaire with a house in the best part of Kensington, a country rock-pile in Oxfordshire and a villa outside St Tropez. This is not the type whose wife has her Waitrose card refused at the check-out. But he is not as rich as he was six months ago. The bloodbath in investment banking shares has taken its toll. Like most successful, almost self-made Euromarketeers in their late 30s, the majority of his personal net worth is tied up in his firm's shares and options. He has prospered beyond his wildest dreams, principally because the shares have risen by more than 10 times and he has always reinvested the dividend streams in yet more stock. Most dull, but prudent, investment managers would have chided him for having too many of his eggs in one basket. The answer to that would have been: "Where else might you have reasonably achieved capital gains of 50% per annum?" Also, many of the wealthiest and shrewdest Euromarketeers we know have sensibly hedged against a market fall by buying a series of put options.

UK non-conforming mortgage lender Preferred Mortgages plc has returned to the market after a break of more than a year. Lead managed by Barclays Capital, the £125m deal was the first sub-prime issue of the year and sold well at a spread that was generally considered reasonable.

Belgium Interbrew's Eu3bn-Eu3.8bn Merrill Lynch led-IPO is already oversubscribed, with a week of bookbuilding to go. The subscription period ends on Wednesday, with trading scheduled to start on Friday. The company is offering 88.2m shares, plus a greenshoe of 13m, at Eu30-Eu38.

Salomon Smith Barney will close the books for Kensington Group's £100m IPO on Monday with pricing the following day and dealing on the LSE expected to begin on November 23. The company is a market leader in the non-conforming residential mortgage sector in the UK. "The demographics are pointing toward high growth in the non-conforming sector," said a spokesman for the company.