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Australia Arranger Dresdner Kleinwort Benson Australia signed a $45m refinancing for Aurora Gold Finance on January 16 in Perth.

BANKERS Trust is advising Thai finance company National Finance and Securities on a Bt2bn securitisation of residential mortgages. A BT official said: "The originator is very high quality and has an excellent portfolio. Structurally the transaction is possible -- the problem at the moment is to find investors."

JP MORGAN'S chief asset backed syndicate official, Adrian Carr, has moved to Paribas to become head of asset backed securities syndication. Paribas has built its securitisation team rapidly in the past year, notably by hiring Maarten Stegwee, formerly at Lehman Brothers, in June 1997 to be global head of securitisation. The bank now has teams in the US and Japan and, in David Knell, the nucleus of a southeast Asian unit.

THE HONG Kong Mortgage Corporation hopes to buy HK$10bn to HK$12bn of mortgages this year, funded by at least HK$10bn of unsecured bonds. The corporation signed documents earlier this month to set up a HK$20bn note issuance programme (NIP), arranged by the Hong Kong Monetary Authority. Some 33 banks will act as dealers, targeting institutional investors.

LEHMAN Brothers has strengthened its reputation for executing successful small scale collateralised loan obligations with a $360m deal for BHF-Bank. Balanced High-Yield Fund I Ltd offered a $210m 'A' class rated Aaa by Moody's with a 5.5 year average life and coupon of 28bp over three month Libor.

CREDIT AGRICOLE Indosuez has kickstarted the French mortgage backed market for 1998 with the debut securitisation this week from Banque La Hénin. Florimmo Mortgage Loans Securitisation, a fonds commun de créances, sold Ffr1.5bn of Euronotes with an average life of 1.43 years and Ffr915m of domestic bonds with a 4.84 year average life.

TWO groups of UK housing associations successfully tapped the long dated sterling investor base this week, lending further strength to one of Europe's most coherent asset backed market sectors. Hambros Bank inaugurated Haven Funding (32) plc, a new vehicle structured almost exactly like Haven Funding, but which reaches maturity in 2032 rather than 2037.

PARAGON, one of the main survivors from the UK's centralised home lending boom of the 1980s and a leading light in sub-prime mortgage securitisation, returned to the markets this week with a £175m deal through HSBC Markets. "We are delighted to be leading a deal for one of the most frequent issuers in the UK," said a structuring official at the bank. "We won the mandate in December on the strength of our dominant distribution capability in sterling, structuring expertise and relationship with Paragon." HSBC is one of the lender's bankers.

ASIA'S only monoline financial guarantor, ASIA Ltd, has been downgraded by Standard & Poor's from A to BB, leaving investors in $1.4bn of guaranteed product with sharply devalued assets. S&P took action because, following sovereign downgrades in Korea and Indonesia, the percentage of sub-investment grade assets guaranteed by ASIA Ltd had risen to around 40%, well above the 25% limit in the company's operating guidelines.

SUNAMERICA Life Insurance Co made its return to the Euromarkets this week with a $200m FRN backed by guaranteed investment contracts (GICs). ABN AMRO sold the single tranche, issued off SunAmerica's note issuance programme SunAmerica Institutional Funding. Rated AA- by Standard & Poor's, the deal pays a coupon of 12.5bp over three month Libor to its bullet maturity in February 2003.

A vast amount of effort is spent upon producing complex market models.

THE BILLION shares-plus demutualisation of Australian Mutual Provident (AMP) will be launched in April or May and list on the Australian Stock Exchange in early June, according to a company spokesman. Institutional investors will be able to buy around 22.5% of the sale.