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Deutsche refines UK student loan template DEUTSCHE Bank this week launched the second securitisation of UK student loans, parcelling the

* Bankers Trust will likely price its £230m securitisation for Tussauds Group, the UK company that operates theme parks, waxworks museums and other attractions, today (Friday). CIBC World Markets, Deutsche Bank, Morgan Stanley Dean Witter and West LB will act as co-managers. The 25 year Euro/144A deal will offer three single-A rated tranches and one rated triple-B, by Fitch IBCA and Moody's. The £50m class 'A1', with a 6.5 year average life, and £20m 'A2' bonds, with an average life of 11.4 years, will both be priced over three month Libor.

GREENWICH NatWest has introduced a new funding vehicle for UK housing associations with a £94.25m deal for RSL Finance (No 1) Plc. The transaction securitises loans made to two housing associations, Springboard and Beacon, which in turn are secured on a portfolio of residential social housing. The vehicle is authorised to originate further loans itself, or to acquire assets of Greenwich NatWest. "We have assets that are potentially very fungible," said Paul Townsend, assistant director in asset securitisation at Greenwich NatWest. "It will not be a regular issuer, no more than once every 12 months, but we would like to see a growth factor. Above all we must be sure that there is no degradation of the pool."

CEVAL Alimentos, Brazil's leading soy product exporter, has secured $225m of three year financing, becoming the second major non-financial Brazilian corporate to tap the international markets since the January devaluation. Following in the footsteps of media company Globo, Ceval turned to the securitisation market to attract the cheapest possible financing at a time when the plain vanilla bond markets are shut to all but the best Latin corporates.

Credit risk is based, in part, on credit migration matrices that are used to describe changes in credit worthiness, usually on an annual basis.

Ever since the Neuer Markt came into existence two years ago, Germany's growth stockmarket has consistently proved its doubters wrong. Much to the disappointment of the knockers, the bubble has not yet burst, liquidity is growing at an impressive rate, investors are proving to be perfectly sophisticated and investment banks - domestic and foreign - are falling over themselves for a piece of the primary market action.

Australia's leading financial sector issuers comprise some of the best known names in the Euromarkets, with a long track record of issuing at competitive rates and developing a loyal investor base - in fixed rate, floating rate and structured markets alike.

Australia is host to the second largest mortgage backed securities market in the world, with a thriving domestic marketplace and a growing line-up of issuers of international asset backed securities.

In just a few years, Germany has gone from being one of Europe's least dynamic equity markets to one of its most exciting.

The Australian domestic debt market has long promised more than it has delivered. Not any more. In recent months, the pace of activity in the primary market has surprised even the most bullish participants.

Fuelled by falling supply of government bonds, driven by the explosion of assets under management in Australia and nurtured by legislative and structural improvements, Australia's domestic capital markets are on a roll. Whatever the arguments, it appears clear that - for the moment at least - bank and corporate treasurers have, in the domestic debt market, a real alternative to offshore issuance and bank loans. And foreign issuers are increasingly attracted by the potential.

Bank Nederlandse Gemeenten is the Dutch bank of and for the local authorities. Half of its share capital is controlled by the Dutch state, while the other half is owned by the local authorities and provinces of the Netherlands.