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SBAB, the Swedish state owned mortgage bank, may launch a Skr1.01bn securitisation of loans to five municipal housing companies as early as today (Friday), adding to the flow of packaged social housing loans from Europe. Houses in Sweden AB 1 (HISAB 1) will be a 7.5 year bullet security rated AAA by Standard & Poor's and Duff & Phelps. The deal has been structured by Swedish securitisation boutique Fredell & Co, and will be lead managed by a European bank.

* Lehman Brothers this week launched the first deal from its Structured Asset Securities Corp (Sasco) shelf to be backed by European assets. Sasco Europe 1998-C1 securitises a commercial mortgage portfolio acquired by Lehman early last year from Barclays Mercantile. The 780 loans have an average size of £140,000 and are extended to small businesses in the UK, including nursing homes. The bulk of the passthrough deal came in a £79.66m senior tranche, rated Aa2/AA, with a three year average life and coupon of 35bp over one month Libor.

SBC WARBURG Dillon Read will bring a new asset class to the sterling market today (Friday) when it parcels surplus income for UK mutual insurer National Provident Institution. But the deal has global significance too - to date this kind of cashflow has only been securitised in a few small, shorter dated private deals in the US. Mutual Securitisation plc will issue at least £250m of fixed rate paper in two tranches, with average lives of nine and 20 years. The bonds will amortise according to a fixed schedule. The short tranche, worth at least £130m, will be priced at 140bp over Gilts, while the longer piece will have a minimum size of £120m and spread of 170bp.

The Hong Kong dollar bond market has stood tall amid the carnage in Asian financial markets of the last few months.

DEFINING the HKMA's role at the forefront of the development of Hong Kong's increasingly sophisticated bond market, executive director Peter Pang outlines a five pronged approach.

The recently established Hong Kong Mortgage Corporation will bring liquidity and innovation to the local capital markets and a new Hong Kong borrower to the international markets.

Once retail dominated, the Swiss bond market is changing fast, as investment pools are increasingly managed by professionals demanding to buy - and trade - in size.

In this issue, Johan G.B. Beumée, a partner in Riskcare Limited, and Paul Wilmott, professor of mathematics from Imperial College London, present some approximations of the warrant pricing method introduced in a previous Learning Curve (DW 1/12).

* Crédit Lyonnais Securities Asia will sell the first ever red chip style 'B' share offering for Shanghai Electric Corporation in May. The company is the fund raising entity of the Ministry of Machinery and Manufacturing. It has four asset injection candidates already lined up and a stated strategy of growth through acquisition. The listed company will be called Shanghai Consolidated Electric Co. It hopes to raise up to $150m from the issue. A roadshow for the deal should start imminently.

AIFUL Corporation, one of Japan's largest consumer loan companies, has closed its 4m share offering raising a total of ¥33bn. The sale completes a hat trick of international equity sales for Japanese companies this year, following offerings from Mitsui Marine & Fire Insurance and Toppan Forms. Sources at sole bookrunner and lead manager Nomura International said the Aiful deal gained momentum as the roadshow progressed, allowing the issue size to be expanded to the top end of the 3m-4m share indicated range and priced at the bottom end of the 2%-4% discount indicated range.

The Australian Gas Light Company has completed a A$354m share placement to enable it to pay down debt and position itself to buy up gas assets to be sold by the Victoria state government. ABN Amro was underwriter on the deal, selling 29m shares at A$12.21. "This is a well known stock internationally and that undoubtedly helped it," said one banker. Although there were no limits placed on foreign participation, the shares were placed mainly with Australian institutions.