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* Bear Stearns is preparing a Eu300m collateralised debt obligation for Gulf International Bank. The three tranches of notes rated triple-A, double-A and triple-B by Moody's and Standard & Poor's will be backed by mezzanine and subordinated asset backed securities. All the securities in the portfolio are euro denominated. The deal is expected to be launched in around two weeks. * Barclays Capital and UBS Warburg have released details on the tap of a securitisation by Annington Homes Ltd, the company through which Nomura acquired part of the UK's ministry of defence housing estate in 1996.

Banca Sella, based in the Piedmont region of northern Italy, this week launched a Eu202m securitisation backed by leases from its subsidiary Biella Leasing. Lead managed by Crédit Agricole Indosuez (CAI), the deal was delayed from last year due to unfavourable market conditions, but was finally priced yesterday (Thursday) at the tight end of expectations.

RBS Financial Markets this week launched the first bond to provide finance for the university sector under the UK's Private Finance Initiative (PFI). The £60m index-linked bond, wrapped by triple-A rated monoline insurer Financial Security Assurance, will pay for new student residences and sports facilities for the University of Hertfordshire.

Bank One is preparing to launch its first bond arbitrage programme, or structured investment vehicle (SIV). White Pine Corp, domiciled in Jersey, will invest mainly in triple-A and double-A asset backed securities, financing itself by issuing CP and MTNs in the US and Europe.

Everton has become the latest UK football club to endorse the value of asset backed financing by preparing a $75m private securitisation of its future season ticket receivables via Bear Stearns. Although Bear has previously been involved in stadium financing in the US, this is the bank's first deal for a UK football club. The offering is a 25 year fixed rate deal shadow rated triple-B by Fitch. Funds raised will contribute to the club's four year debt reduction plan. Proceeds could also help buy new players and play a role in the financing of a new 55,000 seat arena in the Kings Dock in Liverpool.

Global Crossing tumbled from the low 40s to the 31-32 range by mid-week after the company declared bankruptcy. There was talk in the market that the bank debt was trading above the bonds because of perceived upside relating to the companyÕs sale of IPC Trading Systems to Goldman Sachs Capital Partners. Some suspect profits from the sale, which are reportedly in an escrow account, may be used to pay down the bank debt. Other dealers denied those rumors, explaining the bank debt is senior to the bonds.

Bradley Berggren, head of the structured products group for equity derivatives at Banc of America Securities in New York, resigned last week. Berggren, who joined the firm in the merger with NationsBanc Montgomery Securities several years ago, reported to Jonathan Sandelman, managing director and executive committee member. Sandelman said Berggren decided to quit because he wanted a lifestyle change. Berggren could not be reached for comment.

UBS Warburg has hired Phil Tsao, interest-rate derivatives marketer for Greater China at Goldman Sachs in Hong Kong, as head of Asia derivatives marketing, according to Joonkee Hong, managing director and Asian head of debt capital markets in Hong Kong. Hong declined further comment and Tsao is on gardening leave and could not be reached.

AMC Entertainment, the largest theater chain in the U.S., is considering entering an interest-rate swap to convert a 10-year USD175 million fixed-rate bond it issued two weeks ago into a synthetic floating-rate liability, according to a company official. The theater company, which plans to use the proceeds from the offering to reduce its outstanding bank debt and pursue possible acquisitions, is looking to enter a swap in which it would receive a fixed rate equal to the 10.1% coupon on the bond and pay a floating interest-rate. "We always look to the swap market when we do an offering. With the way rates have been getting slashed, we think it's a pretty good bet we'll get a nice floating rate," the official added. The maturity on the swap would equal that of the bond.

Swiss Re plans to invite the entire weather market to participate in the first ever weather derivatives auction this summer. The auction will be held over a two or three day period, during which Swiss Re will solicit bids and offers for calls and puts on heating degree and cooling degree-day contracts, according to Frank Caifa, associate director of Swiss Re's financial products group in New York.

One-month cable implied volatility rose and risk reversals moved further in favor of sterling puts/dollar calls last week as investors continued to speculate that the pound would weaken against the dollar. One-month implied volatility ticked higher to 7.5% last Wednesday, up from around 7% a week earlier. Foreign exchange options traders in New York reported that the options were typically at the money, while spot was trading around USD1.43. The rise in volatility was attributed to comments made by John Townend, director of Europe for the Bank of England, who said the pound was overvalued against the euro. Some investors thought Townend's comments would help to strengthen the pound because they seemed to imply that the U.K. is still a long way from euro entry.

Bank of Queensland, a regional bank in Brisbane with over AUD4.2 billion (USD2.1 billion) in assets, is considering entering the credit derivatives mart in the next six to 12 months for its AUD500 million (USD257 million) fixed-income portfolio, according to Tim Ledingham, head of financial markets.