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Sara Simmons has joined JP Morgan in London as a vice president and member of the bank's loan trading team where she will be responsible for the distribution and sales of secondary loans. Before joining the US bank, she was a director in DKB International's asset distribution department.

Pubmaster Ltd this week became the fifth UK pub company to be securitised in its entirety, and the first to successfully use the technique at a lengthy interval after the company's creation. The £305m deal, structured by the securitisation team at Bankers Trust that is now part of Deutsche Bank, will allow Pubmaster to retire some £120m of debt taken out when the company was formed through a management buyout from UK leisure concern Brent Walker Group in November 1996.

Deutsche Bank issued its third CORE securitisation of loans to small and medium sized German companies this week, a Eu1.3588bn transaction that reinforced the strong franchise Deutsche is building with its campaign to take up to DM50bn of assets off its balance sheet and into the capital markets. With a smaller deal to sell and investors now familiar with the product, Deutsche held a much briefer marketing drive than for its earlier jumbo securitisations, and ended with the lower rated tranches two to three times oversubscribed, and a marginal excess of demand for the triple-A notes.

Bank Brussels Lambert brought its third securitisation of Belgian auto loans this week, after a two year absence from the ABS market. Bear Stearns and ING Barings-BBL lead managed the Eu450m issue, broadening the investor base for the B-Cars programme but running into choppy credit markets. "The deal was very well received," said a syndicate official at Bear Stearns in London. "We launched it in the 28bp area and brought the pricing in to 27bp, with a very wide distribution including strong placement outside the Benelux region."

Dutch Housing Association Finance BV, the second special purpose vehicle set up to provide international bond market finance for the Netherlands' 700 local housing associations, this week launched the first issue from its Eu1bn MTN programme, with a Eu109m 10 year bond lead managed by Rabobank International. Like Colonnade, a vehicle structured by ING Barings which debuted last year, DuHAF issues bonds secured on matching loans to housing associations, which provide rented housing for people on low and middle incomes.