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ABN Amro this week revised the use of commercial paper in synthetic structures with an innovative Eu8.5bn CLO. The Dutch bank used CP to mostly fund the Eu7.2bn super senior credit swap, whilst placing the two senior notes into conduit.

Italy's Banca Antoniana this week launched its fist collateralised bond obligation, with an Eu748.37m balance sheet deal via ABN Amro. The bank used Padova Finance to package bonds held on its balance sheet, incorporating some credit default swaps to increase diversity.

Monte dei Paschi di Siena this week launched the largest ever Italian MBS issue with a Eu671m deal. JP Morgan and Monte dei Paschi were joint leads for what was also the Italian bank's first securitisation.

Goldman Sachs last Friday offered a Eu500m cashflow arbitrage collateralised debt obligation (CDO) with Barclays Capital acting as collateral manager on the portfolio of bonds and loans. The deal is the largest high yield cashflow CDO ever to come to market in Europe. It was originally marketed as a Eu400m deal, but following strong investor demand across all tranches it was increased to Eu500m.

The second Greek government securitisation was launched this week, with Ariadne SA, a Eu650m issue backed by receipts from four state lotteries. The deal follows on from the country's successful securitisation of deposits into a government bank, Tameio Parakathikon (the Consignment Deposits and Loans Fund or CDLF) and is the first European securitisation of lottery receivables. The bookrunners and arrangers were Morgan Stanley Dean Witter, Schroder Salomon Smith Barney and UBS Warburg. Alpha Bank and Commercial Bank were joint leads.