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* ABN Amro plans to launch a $750m securitisation for its subsidiary Australian Mortgage Securities Ltd on Monday. ARMS II Euro Fund II will offer $300m of 'A1' notes with a 1.4 year average life, a $425.5m 'A2' piece with an average life of 4.7 years and A$36m of junior notes. Price talk is 18bp to 20bp over three month Libor, 28bp to 31bp over and BBSW plus 70bp area.

UK mortgage bank Northern Rock's £750m MBS issue is already oversubscribed, even though lead manager JP Morgan will not launch the deal until next week. "We have a runaway success on our hands," said Nick Morgan, head of asset backed syndicate at JP Morgan in London. "Taking the higher end of investors' preliminary order ranges, the triple-A tranche is 50% oversubscribed, and even at the lower end, we are 100% sold. All three co-leads are looking for extra bonds to add to their 10% allocations."

UK non-conforming mortgage lender Preferred Mortgages Ltd launched its second securitisation this week, a £100m deal lead managed by Greenwich NatWest. The deal's headline £51.75m 'A2' tranche, with an average life of 3.96 years, priced at 50bp over three month Libor, proving that spreads for the asset class are still rising, and vindicating Kensington Mortgage Co's decision to sell its seventh deal in euros last week.

Will Euromarket bon- uses hit an all-time record this year? The bookmakers at Ladbrokes and William Hill are betting that the best Euromarket boys and girls will scoop a bonus pool which "will defy the imagination".

Kensington Mortgage Co this week became the first UK non-conforming lender to securitise its assets in a foreign currency. Lead manager WestLB sold the senior tranche of Kensington's seventh mortgage securitisation entirely in euros, accessing new investors at an attractive cost of funds. "WestLB suggested a euro deal to us about a month ago, as a way to reach a different group of investors from our normal buyers in the sterling market," said Martin Finegold, chief executive of Kensington in London. "It was a nice idea and it worked. We are very satisfied with the pricing, which is similar after the swap to what a sterling deal would have cost us."

Kensington Mortgage Co this week became the first UK non-conforming lender to securitise its assets in a foreign currency. Lead manager WestLB sold the senior tranche of Kensington's seventh mortgage securitisation entirely in euros, accessing new investors at an attractive cost of funds. "WestLB suggested a euro deal to us about a month ago, as a way to reach a different group of investors from our normal buyers in the sterling market," said Martin Finegold, chief executive of Kensington in London. "It was a nice idea and it worked. We are very satisfied with the pricing, which is similar after the swap to what a sterling deal would have cost us."

Europe n Residential Mortgage Securities 7 Plc

Paribas this week launched the fourth public securitisation of Irish mortgages for Irish bank First Active Plc, which in the last year has become one of the most assiduous issuers in the European market. The Eu300m deal follows a Eu250m transaction in June and two I£200m issues in May and September last year. The bank has also sold £602m of bonds backed by its UK mortgages since July 1998 - JP Morgan plans to bring a third UK deal worth some £300m in October.

UK non-conforming mortgage lender Kensington Mortgage Co launched its biggest securitisation yet this week, worth £190m, but felt the pinch of widening spreads in a weak credit market. Lead manager Barclays Capital placed all the triple-A notes, but had to price them at 45bp over three month Libor to clear, when its initial price talk had been 35bp to 40bp over.

Europe n C*Strategic Asset Redeployment Programme 1999-1 Ltd

UK MORTGAGE lender Southern Pacific Mortgage Ltd this week launched its first securitisation of non-conforming and sub-prime home loans since its US parent filed for self-liquidation last October. Sole manager Barclays Capital structured the £66m deal under the anonymous name of Non-Conforming Mortgages 1 plc, since Southern Pacific's liquidators plan to sell SPML, and the company's name may disappear from the UK scene.

There are reports of fireworks and dancing in the streets in the Dead Canary Wharf, the land that time forgot. Has the place been condemned at last by the local authorities or sold to the Moscow Mafia? Will all wretched Dead Canary employees be given a golden pass to Xanadu, better known as Chelsea? And to think there are plans afoot to sell the Dead Canary concentration camps and outhouses to the unsuspecting public. We would rather buy shares in Goldman Sachs!