Eric Alsberg, head of Asian securitization ex-Japan for Citicorp, is reportedly leaving Hong Kong for a post with the bank in the U.S. The firm is winding down its Asian securitization business outside Japan and will cover the region from London or New York, said sources.

Duff & Phelps recently removed from rating watch-down the long term foreign and local currency ratings for P.T. Bank Internasional Indonesia and its foreign credit card voucher-backed notes. The agency said that although the notes were backed by tourism and business spending, which have suffered heavily in Indonesia's recession, debt service coverages remain comfortably above the required level and can withstand some volatility.

The Italian Stock Market hopes to have a screen-based trading system for asset-backed issues up and running by November, according to an exchange official. The new system will replace the current telephone-based, over-the-counter system. The official added that Consob, the Italian securities regulator, expects to have a full set of regulations governing the trading of asset-backed deals in place around the same time.

Paribas is so pleased with the performance of its master trust-like structure for securitizing corporate loans, a vehicle called Masternoria, that it is

considering following suit with a similar structure to package its mortgage assets, possibly known as Masterdomos, according to the bank's head of securitization, Olivier Rodriguez.

Masternoria was established under the 1997 law that for the first time allowed French FCCs to replace assets and re-issue bonds in a way that resembles a U.S.-style master trust.

Cabot Financial (Europe) has bought a portfolio of charged-off credit card debt nominally valued at GBP50 million. Cabot Financial was established as the U.K. arm of the U.S. CFS Inc. but was purchased earlier this year by private equity investment house Cabot Square Capital after CFS Inc. filed for bankruptcy.

The company, headed by former Deutsche Bank executive Richard Langstaff, plans to warehouse the debt until it has built a portfolio big enough to securitize, probably in 2000 or 2001.

Struggling Norwegian shipbuilder Kvaerner is considering securitizing shipbuilding payment instalments. The company has agreed to build two ships, each worth $55 million, for Odfjell, the world's largest chemical tanker operator, which will pay for them in instalments during the building process.

Jean-Jacques Bonnaud, the former chairman of insurance company GAN, has been appointed chairman of Eurotitrisation, the asset-backed fund management company, jointly owned by BNP and Credit Agricole Indosuez. He takes over from Gregoire Sainte Marie.