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* 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.

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.

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.

In its three years of existence, Cades - Caisse d'Amortissement de la Dette Sociale - has been quick to make an impression on the Euromarkets. Within that short time it has positioned itself as one of the prime agency borrowers, alongside more established credits such as the EIB and KfW.

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With the euro only four months old, Deutsche Ausgleichsbank can already boast of launching one of the most successful benchmarks of the year - and of positioning itself exactly where it aimed in the euro credit market.

Global investor interest in Australian equities has been expanding fast in recent years, as fund managers recognise the attractions of a stockmarket which simultaneously offers exposure to an increasingly broad-based, strongly performing economy and a safe haven against the problems elsewhere in the Asia-Pacific region.