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Warburg Dillon Read is talking to leading securitisation bankers with a view to making a senior hire to strengthen its European structured finance business. The move owes its ultimate origin to last year's merger between UBS and SBC Warburg Dillon Read, which led to a radical overhaul of the new UBS's approach to investment banking.

n Deutsche Bank plans to launch Spanish airline Iberia's Eu195m aircraft securitisation next week. The bank won the mandate to lead the deal in a competitive bidding process in late July. n London-based principal finance investment adviser Cabot Square Capital announced this week that funds it advises will acquire the UK business of US consumer finance company The Money Store Inc, with effect from September 30.

Morgan Stanley Dean Witter last Friday launched the first in a series of deals that will bring US style conduit financing of commercial mortgages to Europe. Investment banks provide over half of new real estate lending in the US, channelling loans swiftly into the capital markets through securitisation. The technique may have limited application in much of Europe, where statutes make leases very friendly to tenants, but in the UK and Ireland, the legal framework favours the lessor.

General Motors Acceptance Corp introduced a new structure to the US asset backed market this week with a $2.125bn securitisation of retail auto loans that offers soft bullet maturities for the first time. Credit card backed securities have long enjoyed an unchallenged position as the benchmark ABS class in the US, partly because of the huge volume of supply from reputable issuers, but also because the master trust structure allows deals to be structured with soft bullet maturities that make them convenient investments and good surrogates for Treasuries.

JP Morgan has promoted Alexander Justham, who has run its retail asset securitisation business in Europe for several years, to a new role in corporate finance. Justham, a vice president, will leave the structured products group in JP Morgan's fixed income division and cease to be involved in the execution of deals, but will continue to originate securitisation business.

Aerolineas Argentinas broke new ground in the structured finance sector this week by becoming the first airline to tap credit card receivables from 10 different countries. The $100m deal, led by Citibank and Salomon Smith Barney, has a 3.4 year average life and seven year final maturity and parcels future ticket sales in Australia, Canada, France, Germany, the Netherlands, Italy, Japan, Switzerland, the UK and the US.

Daily value at risk (DVAR) has grown in importance and has become the standard in evaluating the risk attached to a trader's position.

Korean analysts have expressed fears that some of the banking sector deals in the pipeline will not make it to market in the wake of the disastrous $1bn issue for Hanvit Bank a fortnight ago. Falling confidence in the Korean banking sector and a crisis-ridden Daewoo Group helped force Hanvit Bank to price its GDR offering at a 21% discount to the local stock. Hanvit is a major creditor of Daewoo.

St George Bank underlined the growing depth and diversity of Australia's domestic securitisation market with this week's launch of the country's largest auto loan securitisation to date. Scheduled to price today (Friday), the A$571m deal for Crusade Auto Trust ranks as the first pure auto loan securitisation from Australia and the first ever from a domestic bank.

Telecom and technology-related floats had a mixed week in Australia, with Hutchison Telecommunications proving a storming success on its debut while TVSN performed poorly. Global scepticism regarding internet stocks explained the difference in trading performance of the two issues, said bankers.

Australia Syndicate positions for the Telstra's secondary stock sale will be revealed on Monday. The A$18bn deal is due to be launched at the end of September and will be sold in four tranches.