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GLOBAL CO-ORDINATORS Argentaria, Morgan Stanley Dean Witter, Santander Investment Bank and BBV are moving into the final weeks of marketing the Spanish government's final sale of stock in Argentaria. Market participants in London, New York and Madrid report a strong reception by international investors keen to buy the stock.

* Bank of Scotland Rating: A1/A- (expected)

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* Crédit Local de France

Swiss francs

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.