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The tightening trend in the European and US credit indices, partly caused by the growing pipeline of constant proportion debt obligation (CPDO) transactions, has caused at least two banks, HSBC and Barclays Capital, to bring innovative structures.

Fitch Ratings placed three tranches in Rooftop Mortgages' second Farringdon transaction on ratings watch negative after increased losses forced the issuer to draw on its reserve fund.

More details have emerged of Anthracite Euro CRE CDO 2006-1, the first European commercial real estate (CRE) CDO from BlackRock Financial Management.

Fortis Investments has closed its long/short synthetic CDO, called Titian CDO I, arranged by Deutsche Bank, and begun marketing a new credit CPPI. A mixture of seven and 10 year notes were issued in euros, dollars and yen. The equivalent of $350m of notes was issued over 28 tranches with ratings ranging from triple-A to A- from Standard and Poor's.

Supermarket chain Somerfield Group has followed its rival J Sainsbury down the opco/propco route, looking to raise £850.9m though a CMBS arranged by Barclays Capital, Citigroup and Royal Bank of Scotland.

Confederacion Espanola de Cajas Ahorro and Caja de Ahorros y Monte de Piedad de Madrid launched a Eu298m securitisation of subordinated bonds by Spanish savings banks on Wednesday. AyT Deuda Subordinada I, Fondo de Titulizacion de Activos, is a club-funding vehicle providing nine regional banks with access to the capital markets. The transaction is similar to the Italian Credico Funding CBO deal launched in 2002 by Iccrea Banca and arranged by Merrill Lynch, as well as the recent mezzanine capital club funding structures, such as Capital Efficiency Group's Preps programme.

HSBC priced a $750m securitisation of UK credit cards this week, its second such issue in five months. Morgan Stanley is the only other UK lender to bring a sizeable deal this year, raising £600m in June.

Isola USA has turned to UBS and Goldman Sachs for a $325 million senior secured credit facility to recapitalize the company.

Small investors and brokers applauded the New York Stock Exchange's plans to expand the number of bonds it trades, claiming it will increase liquidity and help investors trade smaller amounts and securities that do not trade frequently.