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FCE Bank, the European arm of Ford Motor Credit, this week launched the second issue from Ford's international securitisation programme Globaldrive BV. The Eu800m transaction, lead managed by ABN Amro, Barclays Capital and Deutsche Bank, parcelled 145,000 car loans to German individuals and companies, originated by Ford Bank, FCE Bank's German branch.

Three UK Home Office towers in Marsham Street, London, known affectionately as the "three ugly sisters", are to be demolished and a new office block built. Under the UK Private Finance Initiative (PFI), the project is being refinanced through an Ambac-wrapped £274.22m bond via Barclays Capital and RBC Capital Markets this week. Two tranches of notes were issued by Anne's Gate Property plc (AGP), majority owned by HSBC Infrastructure Ltd. A £174.22m index-linked tranche starts to amortise in March 2006 with an average life of 15.5 years and a legal maturity of March 2030. The notes were priced above par with a 3.237% coupon and spread of 65bp over index-linked Gilts. Some £30m of this tranche is being held by the issuer, but may be sold on for additional funding in the future.

Electricité de France (EdF) brought its subsidised employee home loans back to the securitisation market this week with a Eu499.28m deal led by Merrill Lynch. EdF and fellow state owned utility Gaz de France (GdF) operate a joint lending programme to help employees to buy homes. Whichever company the borrower works for, EdF finances 82% of each loan and GdF the balance.

Everton is the latest UK football club to turn to the asset backed market for financing, with the launch of a £30m securitisation backed by current and future season ticket receivables yesterday (Thursday). Lead managed by Bear Stearns, the deal was sold privately. It is believed that two European investors bought the 25 year fixed rate notes. It has been a difficult period for the Liverpool-based club on the pitch. After Everton was knocked out of the FA Cup in a 3-0 defeat by Middlesbrough in the sixth round earlier this month, manager Walter Smith was replaced.

Iccrea Banca, the central bank for Italy's co-operative system, this week launched an Eu890m collateralised bond obligation in an unusual club funding structure for 117 co-operative banks - Banche di Credito Cooperativo (BCC) - across Italy. Arranged by Merrill Lynch and Iccrea, the deal is designed to provide the Italian cooperative system with off-balance sheet access to the international capital markets.

Despite only featuring on the edge of investors' radar screens, Iceland has a surprisingly buoyant capital market. Good news is flowing across a range of businesses: ECM, bonds and foreign M&A - and there is plenty of reform to keep things moving. The challenge now is to attract the attention of overseas buyers, as Guy Norton finds out.

Nordic borrowers have been forced to accept that their loan market has changed. Banks' shareholders are demanding better returns from loan portfolios and the traditional discounts enjoyed by Nordic corporates are disappearing. At the same time, they are seeing financial covenants creeping into loan structures and maturities shrink from seven years to five. Ruth Lavelle reports on a market coming into line with the rest of Europe.

2002 is set to be another strong year for the Norwegian krone market and, if the forecasts by the leading houses are to be believed, it will be an even better year for the Swedish krona. Anousha Sakoui talks to bankers and analysts in the region about how these currency trends will drive bond volumes.

Iceland's biggest listed company, Islandsbanki, is broadening its horizons. The bank is diversifying its asset base and portfolio, and has found in the international bond markets a new pool of investors. Guy Norton reports on the firm's plans to cast its net even further, by issuing in new currencies and finding buyers in sunnier regions.

Credits in the process of reorganizing, namely Owens Corning, Safety-Kleen and Dade Behring, got a boost this week as investors saw an upside to each name. Owens Corning started with a $20-25 million trade at 70 on Monday as market players speculate on subsidiary guarantees on the bank debt as the company works through bankruptcy. The name ticked up to 71 by midweek with roughly $10 million more changing hands. Safety-Kleen climbed up further this week with roughly $30 million trading up to 40 from a 33 level last week. Dealers believe the company may soon benefit from pending litigation.

ABN AMRO has hired Matt Chauvel, credit-default swaps trader at Gen Re Securities, in a similar position. He will report to Arne Groes, head of credit derivatives in London. Groes confirmed the move but declined further comment.