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Centro Leasing, the group part owned by BNP Paribas, Cassa di Risparmio di Firenze and Cardine Group, this week closed a Eu602m securitisation of vehicle, equipment and real estate leases. Joint lead managed by BNP Paribas and IntesaBci, the deal is Centro Leasing's first securitisation, parcelling around 20,000 loans with a 49% concentration in northern Italy and 38% in central Italy.

After weeks of marketing and careful explanation to investors, Credit Suisse First Boston yesterday (Thursday) launched Diversified Strategies CFO, a collateralised debt obligation backed by a fund of hedge funds managed by Bahrain-based Investcorp Management Services. Once they had overcome their initial doubts regarding hedge funds, investors snapped up the paper and the $250m of notes came at the tight end of price talk.

Another Portuguese bank took advantage of Portugal's new securitisation law as Banco Nacional de Crédito Imobiliário (BNC), Portugal's ninth largest bank, launched a Eu250m securitisation of residential mortgages via Deutsche Bank. The deal is only the second public RMBS transaction to come from Portugal, after Banco Comercial Portugués's Eu1bn Magellan transaction last December.

Feria Valencia, a not for profit institution for trade fairs in the region of Valencia, will launch a new Eu325m debt programme using structured finance techniques in June. The issue, to be underwritten by Santander Central Hispano, will comprise a Eu227.5m tranche of senior bonds with a junior loan. Although the bonds will be issued in the company's own name, they will be part guaranteed by the region of Valencia and could help provide a template for other regional bodies looking to fund at cheaper levels.

France BNP Paribas this week closed a Eu2.7bn synthetic collateralised debt obligation of triple-A rated asset backed securities.

The Eu170m five year facility for Polskie Sieci Elektroenergetyczne (PSE) is due to be launched into general syndication next week. Citigroup/SSSB (bookrunner) and ING (facility agent) are arranging the deal which pays a margin of between 50bp and 60bp over Libor according to a net debt to Ebitda ratio.

HypoVereinsbank this week launched the fourth and largest transaction from its Geldilux programme, a Eu3bn synthetic collateralised loan obligation (CLO) backed by loans to German corporates and private borrowers. Like its predecessors, this fully funded synthetic CLO transfers credit risk from a revolving reference pool of short term Euroloans originated by HVB's Luxembourg subsidiary.

Adelphia Communications has been on the tip of investors' tongues this week as market players try to anticipate what the next step will be for the company. The company's Century Cable facility traded frequently in small pieces in the high 80s to low 90s. Dealers believe that Adelphia's holding company will file for bankruptcy, but are unsure what the individual operating companies will do. The company's bank debt is held at the operating level and bankers believe that at the end of the day the operating subsidiaries, with $5.5 - $5.8 million in subscribers, have enough value to cover the $8 billion in bank debt.

Deutsche Bank has priced notes backing GoldenTree Asset Management's roughly $650-700 million collateralized loan obligation. Market sources said the deal is slated to close next month. One banker close to the deal said the portfolio manager structured the deal in such a way to accommodate the deal's size and a collateral basket consisting of a percentage of revolvers. Officials at GoldenTree and Deutsche Bank declined to comment.

Investors are looking closely at two new leveraged buyout deals, including a UBS Warburg-led deal for Herbalife and a UBS Warburg and Bank of America-led deal for The Columbia House Company. As eager as buysiders are to get paper, they are taking a close look at these credits as price remains a concern on the first and collateral coverage a concern on the latter. An investor considering the Herbalife deal said he thinks the deal should get a 100 basis point hike to make up for risks associated with the credit. "I'd like a 100 [basis points] increase but realistically I'll settle for 25 or 50," said the buysider regarding pricing. He noted positively that roughly $175 million in equity has been pumped into the structure. "Pricing is going to have to increase to get this one done. The assets are a draw back," he said.

Deutsche Bank yesterday launched the anticipated $900 million deal for Fleming to investors who said they wouldn't mind seeing a little extra juice on the pricing. "LIBOR plus 2 1/4% doesn't really get me that excited, but it's definitely a decent company," said one buysider, adding that despite the low spread on the "B" term loan his fund is looking seriously at it. He explained that the company is strong and his institution is looking to put money to work. A banker said the firm has definitely priced the refinancing credit aggressively because "have been getting done lately south of 250."

Adelphia Communications has been on the tip of investors' tongues this week as market players try to anticipate what the next step will be for the once infallible company. The company's Century Cable facility traded frequently in small pieces in the high 80s to low 90s context. Dealers believe that Adelphia's holding company will file for bankruptcy, but are unsure what the individual operating companies will do.