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SG brought Eu800m of its corporate loans to market on December 19, the first public transaction in its series of nine balance sheet collateralised loan obligations in the last two years. Special purpose vehicle Champs Elysées issued notes and credit default swaps backed by a portfolio of reference obligations from SG's balance sheet, selected by Axa Investment Managers.

SG is preparing to launch a Eu183m securitisation of rental flows from about 380 French supermarkets and superstores within the Intermarché group, the first public securitisation of French supermarkets. French Supermarkets 1, a fonds commun de créances (FCC), is expected to issue three tranches of floating rate notes next week. Some Eu100m of triple-A notes rated by Moody's will be sold with price guidance in the high 30bp area over three month Euribor. A Eu50m piece rated A2 and a Baa2 tranche of Eu33m are also offered.

Banca Popolare Antoniana Veneta (BAPV) launched a Eu492.5m securitisaction backed by secured and unsecured non-performing loans (NPLs) on December 14. Lead managed by ABN Amro, the deal is the bank's second NPL following the Eu336m Antenore Finance issue in October, also via ABN. Coming at the end of a record quarter for Italian ABS issuance, the deal met original price talk for the double-A tranche of 110bp over six month Euribor, with a 4.5 year average life, in line with the Antenore transaction.

Delta Air Lines, the world's third largest airline, issued a $730.515m European Enhanced Equipment Trust Certificate (E-EETC) on December 26, secured on 19 Boeing aircraft. Lead managed privately by Crédit Lyonnais, the deal follows a series of rating downgrades for airlines since September 11.

French finance company Groupement des Industries Agricoles, Alimentaires et de Grande Consommation (GIAC) launched its fourth private securitisation of its loan portfolio on December 21. Lead managed by CDC IXIS Capital Markets, the Eu29.1m private placement offered three tranches of notes with a legal maturity of December 2011. Special purpose vehicle FCC GIAC 4 sold a super senior piece rated triple-A by Moody's, with an average life of seven years and was priced at 37bp over three month Euribor.

Banca Italease, Italy's third largest leasing operator, launched its seventh lease backed securitisation on December 14 , backed by performing leases, worth Eu251.6m. Lead managed by BNP Paribas, the deal was nearly fully subscribed following high volumes of issuance in the Italian lease backed market, including the Eu1.7bn securitisation for Locat, launched via BNP and UniCredit Banca Mobiliare in December.

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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