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The Republic of Italy launched its second securitisation in as many months on December 17, a Eu2.3bn deal backed by the sale of state owned commercial and residential properties. Lead managed by Banca IMI, Deutsche Bank, IntesaBci and Lehman Brothers, the deal follows a Eu3bn securitisation backed by lottery revenues in December. Both deals are part of a programme to reduce the country's national debt to meet EU targets.

Enron has sold its 60-member Nordic weather and power trading unit as part of the bankrupt company's efforts to liquidate assets, said Thor Lien, managing director of Enron Nordic Energy in Oslo. He declined to name the buyer, disclose the acquisition price or give further details except to say the sale will be announced shortly. Enron Nordic Energy was put on the block early last month as the parent company collapsed (DW, 12/3). Although Enron Europe was put into administration the Nordic trading unit it did not officially close down, although it is said to have seen scant deal flow because of parent-level developments.

A key addition to Deutsche Bank's banking team helped it join relationship banks J.P. Morgan and Morgan Stanley as leads on a $1.7 billion financing package backing Coors' acquisition of three beer brands from Interbrew. Tim Wolf, senior v.p. and cfo of Coors, said David Jacobs' jump from Morgan Stanley to Deutsche Bank in June sealed the deal for the German bank. "There was no prior relationship with Deutsche Bank, but Coors thought highly of them, and when David Jacobs moved over from Morgan Stanley," Deutsche Bank got the nod, Wolf said. Jacobs, a managing director and head of global consumer investment banking, had been head of the European food and beverages practice at Morgan Stanley.

Many dealers reported trading as minimal as they just got back to work today. However, an auction for Crown Cork & Seal paper is scheduled for tomorrow with the size estimated at $10 million and the trade expected to go off in the 84-85 range. Dealers note Crown Cork has steadily moved up from the high 70s over the last month and report a strengthening market as helping to push the paper. The seller of the piece is reportedly a Japanese bank, although the name could not be ascertained.

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ABN AMRO has hired Steve Potter, head of foreign exchange options trading at Rand Merchant Bank in Johannesburg, as a fixed-income salesman, with particular emphasis on swaps marketing, in London. Potter joined the firm late last month and reports to Simon Rogers, European head of derivatives marketing in London.

BNP Paribas plans to expand its synthetic collateralized debt obligation business outside of Europe. It aims to structure its first synthetic CDO in the U.S., boost its presence in Japan and possibly structure a CDO in Hong Kong. Antoine Chausson, head of structured credit derivatives in London, said London is the hub of the business, but added it wants to offer synthetic CDOs in other areas.

Bear Stearns plans to hire at least two foreign exchange salesman with a particular emphasis on options for its London team next year, as part of a firm-wide push to increase its presence in Europe. Bernd Broker, head of foreign exchange in London, said, "we want to develop a more corporate slant on the fx side, especially with derivatives," as an overall corporate finance offering. The U.S. firm may also look to add another options trader to bring its team to three.

Dresdner Kleinwort Wasserstein has spun off a collateralized synthetic obligations group from its structured products group. This group will handle credit products structured using derivatives, such as synthetic collateralized debt obligations. The move is part of a restructuring of the global credit derivatives and structuring business under Matteo Mazzocchi, head of the group in London. Greg Lieb, who had previously been co-head of structuring with Forbes Elworthy in London, is heading up the unit, which was formed to meet increasing client-side demand for products such as synthetic CDOs.