The first senior/subordinate tobacco settlement securitization priced last Wednesday, when Erie County, N.Y. issued $236.7 million in bonds. Fitch rated the $192.5 million senior tranche A-plus, while the subordinate class was rated triple-B-plus. The deal was managed by Bear, Stearns & Co.

J. Keith Fell has joined Dresdner Kleinwort Benson North America (DKBNA) as senior vice president and North America head of global markets sales and derivative marketing. Fell, formerly of Merrill Lynch & Co., will lead the debt, foreign exchange, commodities and derivative product marketing personnel in the North American region.

Canada

Case New Holland's C$177 million ABS priced last Wednesday. The three tranches were as follows; Series A3, C$49 million 6.15% 3/15/02 at C$100 (6.152%), a spread of +38 over GOC8.5%/02; Series A4, C$71 million 6.202% 9/15/02 at C$100 (6.203%), a spread of +41 basis points over GOC5.5%/02; and Series A5, C$57 million 6.358% 9/15/03 at C$100 (6.359%), a spread of +52 over the interpolated curve between GOC7.25%/03 and GOC7.5%/03. All three tranches are rated AAA. TD Securities led the transaction.

John Deere Credit Inc. issued a C$25 million reverse-inquiry medium-term note deal through RBC Dominion Securities Inc., and priced last Tuesday. The deal was C$25 million 6.45% 9/20/04 at C$100 (6.45%), a spread of +60 over GOC6.5/04. It was Rated A2/A+.

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