Samsung Electronics recently closed an asset-backed commercial paper transaction in a private deal via SG, sources said.

The $120 million deal sees SG issue paper out of its own U.S. conduit to purchase Samsung trade receivables, mostly denominated in yen.

Neither party was willing to comment officially on the transaction, but it is thought to be a revolving facility, with a 364-day tenor, which can be rolled over at maturity. Pricing was unavailable.

Issuance of residential mortgage backed deals originated from the U.K and Ireland has increased significantly from last year, and shows no sign of abating, according to a recent report from Moody's Investors Service.

In the U.K., the total volume of RMBS up till the end of July is already 41% up on the whole of 1999, increasing from GBP5 billion ($7.5 billion) to GBP7.1 billion. Most of the growth has been in the prime sector, which, in no small part to Abbey National's recent GBP2.25 billion Holmes Financing deal, was up 66 %, rising from GBP3.5 billion to GBP5.7 billion.

The growth in Irish RMBS has been less pronounced, rising from E1.2 billion ($1.1 billion) for the whole of 1999 to E1.3 billion in the year so far, but with at least another couple of deals expected, the end total this year should be well up on last year's total.

Brian Eriksen Noer, the former editor of ASRI sister publication ISR, recently left his post of four years to join Moody's Investors Service. He joins Moody's London office in the role of associate analyst where he will report to managing director of the structured finance group, Detlef Scholz.

Lisa Macedo, formerly of the derivatives and processing team at J.P. Morgan in London, has also joined Moody's ranks. She will report to Frederic Drevron in the role of senior associate and will focus mainly on residential mortgage deals in the U.K. and Portugal.

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