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Source: Capital Data Bondware

Crédit Agricole Indosuez and EBN Banco this week launched a highly unusual Spanish collateralised loan obligation, backed by loans to small businesses extended by six banks under a government subsidised programme. The Eu474.4m bond included a Eu379.5m triple-A tranche guaranteed by the Kingdom of Spain - probably the only securitisation to have carried a full sovereign guarantee.

* ABN Amro plans to launch a $750m securitisation for its subsidiary Australian Mortgage Securities Ltd on Monday. ARMS II Euro Fund II will offer $300m of 'A1' notes with a 1.4 year average life, a $425.5m 'A2' piece with an average life of 4.7 years and A$36m of junior notes. Price talk is 18bp to 20bp over three month Libor, 28bp to 31bp over and BBSW plus 70bp area.

Nomura this week launched its innovative Eu396m securitisation of champagne stocks for Groupe Marne et Champagne, the world's second largest champagne producer. Inventory securitisation has been tipped as a sunrise asset class by European structured finance professionals for the last 18 months, but only a handful of deals have been completed so far, backed by tobacco, wool and liquor stocks.

ING Barings' mandate to advise Komercni Banka of the Czech Republic on restructuring its non-performing loan portfolio is on hold after the bank was forced to sell most of the assets ING had been studying to Konsolidacni Banka, the government's bad loan workout institution, at the end of 1999. Komercni mandated ING in July 1999 to advise it on ways to clean up its Ck80bn to Ck90bn bad loan portfolio as an aid to privatisation - the government planned to sell its remaining 49% stake in the bank by the middle of 2000.

Deutsche Bank this week pulled off an extraordinary coup by hiring the two co-heads of asset finance at Credit Suisse First Boston, the top securitisation house in the US, and possibly several other senior ABS bankers and traders from CSFB. After a day in which rumours swirled around Wall Street that anything up to 18 CSFB staffers were moving to Deutsche, the bank confirmed yesterday (Thursday) afternoon that it had recruited Jorge Calderon and Phil Weingord, co-heads of asset finance, and that it was having discussions with several other senior CSFB bankers and traders.