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* Crédit Local de France Rating: Aa1/AA+

6988

CREDIT SUISSE First Boston launched its Triangle Funding II collateralised loan obligation this week, but had to scrap the deal's intended five year series of tranches, and divert six subordinated tranches into the private placement market. CSFB cut the overall size of the deal from $3bn to $2.5bn. "Sentiment in the market has got worse since last week, and spreads are widening across the board, whether you look at senior credit card deals or straight investment grade bonds," said John Fleming, director of syndicate at CSFB in London. "Even though our deal, like UBS's, is delinked, there is a lot of anxiety about banks.

MORE DETAILS have emerged about JP Morgan's latest leveraged CLO, Bistro Trust 1998-4, launched late last week. The deal's $282.5m of public bonds comprised $127.5m of triple-A rated floaters paying 20bp over three month Libor and a Baa2 rated tranche. That piece divided into $95m of fixed rate bonds yielding 225bp over Treasuries with a coupon of 6.96% and $60m of floaters at 164bp over Libor. Maturity for the whole deal is September 2001.

* Paribas has added the first new transaction in over a year to its French domestic asset backed commercial paper conduit Thésée, with a Ffr500m facility for transport group Mory. The French company specialises in rapid delivery of parcels from 5kg to 2 tonnes, and has a turnover of Ffr2.5bn.

UK RETAIL finance company Paragon issued its third securitisation of the year this week, with a £181m deal that for the first time parcelled only Paragon's newly written mortgages. Paragon, formerly called National Home Loans, has altered its origination and underwriting practices since it ran into problems with high defaults after the UK's housing recession in the early 1990s.

In a credit contingent contract, payment is dependent on the occurrence of a certain credit event.

Malaysia Moody's Investors Services and Standard & Poor's downgraded Malaysia to just one notch above junk status this week, with Moody's dropping the sovereign's long term rating one notch from Baa2 to Baa3 and S&P by two notches from BB+ to BBB-.