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BNP Paribas priced Eu100m of a leveraged super-senior CDO called Highway Series 1 notes last Thursday. The deal, issued through SPV Omega Capital Investments, brings BNP's total issuance in the product this year to around Eu300m.

Standard Bank is launching South Africa's biggest RMBS deal to date. Blue Granite Investments No.1, which is backed by first-ranking residential mortgage loans, may total as much as R5bn at launch.

Severe problems on the Northern Line of the London Underground may affect the £2bn Tube Lines (Finance) Plc securitisation. Unlike the wrapped Metronet financing for the remainder of the Underground lines, Tube Lines (Finance) is directly exposed to the operational performance of the public private partnership (PPP).

Britannia Building Society subsidiary Platform Funding brought its latest non-conforming RMBS to the market this week, achieving tight pricing on the back of strong support from traditional investors as well as increased US and European interest. Arranged by RBS and JP Morgan, the deal printed either at or inside guidance, with more than 50 investors at the triple-A level and 17 accounts for the single-A book. All tranches were well oversubscribed at pricing.

Princeton Advisory Group priced a $1.519bn CDO of high grade dollar denominated ABS on Wednesday, via Dresdner Kleinwort Wasserstein and SG.

Banca Sella led the fourth quarter Italian ABS charge with a small but well received securitsation of prime mortgages, via BNP Paribas.

Bank of Scotland this week launched its fourth securitisation of residential mortgages, it's first since May 2003. The £2.2bn equivalent 144a transaction, joint lead managed by Citigroup, Deutsche Bank and Lehman Brothers (triple-A tranches only) came a few basis points back from Northern Rock's latest Granite master trust RMBS in September, particularly further down the capital structure.

Fitch this week downgraded three subordinated tranches of Portugal's underperforming delinquent tax securitisation, which it had placed on review in May 2005. At roughly the same time the Greek finance minister announced details of its planned securitisation of tax receivables, which it hopes to launch by the end of the year. Fitch took its action on classes 'N', 'O' and 'T' of Sagres STC – Explorer 2004 following the publication of the latest investor report in September. Although the collection rate has improved over the last six months, probably as a result of changes in procedures and the accelerated computerisation of the tax agencies, it remains well below Fitch's expectations at just 56% of base case. This is an increase from the previous figure of 49%. Monthly collections ran at an average of Eu35m between March 2005 and August, compared with Eu30.9m for the first 12 months of the transaction. Aggregate collections total Eu588m.

Alfa Bank has asked its investors to allow it to relax covenants on its medium term note programme, in an attempt to make it easier for it to securitise its assets. Covenants on the bank's outstanding MTNs prevent it from securitising more than 5% of its consolidated assets, and oblige it to issue only non-recourse securitisations, to prevent it from subordinating its senior creditors.

Fortis Bank has closed a Eu42m investment grade synthetic CDO for Fortis Investments, sold exclusively to Belgian retail investors, through Fortis's Mees Pierson private bank.

The Carlyle Group made a discreet return to the European CLO market this week, closing its second leveraged loan fund in seven months, totalling Eu475m.