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MORTGAGE TRUST, the UK subsidiary of Irish bank First Active, this week launched its second securitisation of mortgages originated by former centralised lender The Mortgage Corporation, which Mortgage Trust bought in 1996. The collateral backing the £272m bond includes most of the assets left outstanding in six old securitisations by TMC, which Mortgage Trust has called since December, as well as £92m of previously unsecuritised TMC mortgages.

* US credit card bank MBNA looks set to claim the palm for the first securitisation of US assets in euros next week, when it launches a Eu750m five year floater, expected to price in the low to mid-teens over three month Euribor. Credit Suisse First Boston held roadshows in London, Madrid, Milan and Paris this week, and will present the deal in Frankfurt today (Friday).

INVESTORS in North America and Europe this week leapt at the chance to gain exposure to a high quality portfolio of aeroplanes, as GE Capital Aviation Services launched a $1.208bn securitisation of operating leases on 36 aircraft. "What a great deal this was," said a syndicate official at Lehman Brothers in New York, which was lead managing its first aircraft securitisation. "The bonds were two or three times oversubscribed, with global distribution to a very wide range of investors in the US and across Europe -- money managers, insurance companies and pension funds."

Liquid European option prices are readily available in all markets for a wide range of strike prices and maturities.

THE CHINA Development Bank (CDB) has decided to seize a window of opportunity to set a new dollar benchmark for the People's Republic, and plans to begin roadshows for a new global bond in Hong Kong on May 3. With secondary market spreads for benchmark Chinese and Hong Kong borrowers moving below the 200bp mark for the first time in over a year CDB -- formerly know as the State Development Bank -- believes that it is in a strong position to capitalise on more positive sentiment towards the country.

THE CONVERTIBLE bond market in Asia suffered a setback this week when a $100m issue for China Merchants Holdings was reduced to just $60m. China Merchants is the third successive convertible from Asia this year to be scaled back, following the DBS Bank exchangeable and Delta Electronics issue during the first quarter.

* The formal announcement of the syndicate composition for the forthcoming global bond by the Federation of Malaysia could be made as soon as next week, said a banker. The Baa3/BBB- rated credit is considering three joint bookrunners, with its financial adviser Salomon Smith Barney already assured of one slot.

JARDINE Fleming completed a successful $74m placement of new Keppel Corp shares on Wednesday but investors, puzzled by the industrial conglomerate's new acquisition, added to a sell-off the following day driven mainly by short sellers. A total of 25.3m shares were sold at S$4.9728, a 2.5% discount to Wednesday's close. Shares closed down 8.63% at S$4.66 yesterday (Thursday) on record volume against a flat market.