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Optiva Bank of Estonia has issued an Eu30m FRN, though it is still awaiting word from Moody's on a possible upgrade. The one year note, issued at par and lead managed by Deutsche Bank, gives a coupon fixed at 110bp over three month Euribor.

Romania launched its five year Eurobond, joint lead managed by ING Barings and Schroder Salomon Smith Barney, on Monday - but reduced it to Eu150m from the intended Eu200m. Secretary of state at the Romanian finance ministry, Valentin Lazea, said the reduction was a hard choice: "We had to choose between pushing to the Eu200m upper limit, or sacrificing demand while ensuring a stable price," he told EuroWeek. "Given the 11.5% coupon, we certainly did not want pricing to go below 98." Pricing has remained stable at the 99.09 launch/reoffer price, he added, vindicating the decision.

* Deutsche Finance Netherlands BV Guarantor: Deutsche Bank AG

Rolls-Royce plc, the aerospace, marine and energy power systems company, today (Thursday) announced plans for restructuring its business. The plans include concentrating its energy business large gas turbine operations in Montreal, consolidating its naval marine business for surface vessels in Bristol, and keeping the nuclear marine business in Derby. "The re-organisation of Rolls-Royce will continue as we shape the business to meet market demands," said John Rose, chief executive of Rolls-Royce.

San Paolo IMI defied turbulent market conditions to last Friday (November 3) produce a competitively priced Eu1bn tier one trust preferred deal, the largest euro denominated tier one transaction ever. Joint bookrunners JP Morgan, Morgan Stanley Dean Witter and Schroder Salomon Smith Barney were able to achieve a 20% oversubscribed book and pricing at the tight end of a 295bp-300bp range.

Denmark LB Kiel will launch a financing for Danish bank Amtssparekassen Fyn in the coming week.

Commerzbank this week launched an oversubscribed £250m securitisation for igroup limited, the UK non-conforming mortgage lender formerly known as Ocwen UK Ltd. The deal marks a breakthrough for Commerzbank's securitisation team, which has so far lead managed few term ABS for third party clients.

Deutsche Bank 24, the retail banking subsidiary of Germany's largest bank, this week issued a Eu2.884bn synthetic securitisation of its German residential mortgages. Haus 2000-2 was issued direct from the bank's balance sheet under a guarantee from Deutsche Bank, without the use of an SPV. Sole managed by Deutsche, the deal was the first of the bank's synthetic securitisations to take all the triple-A exposure into the credit default swap market, leaving only Eu158.7m of bonds.

FCE Bank, the European finance arm of Ford Motor Co, has launched its long awaited £250m securitisation of UK car loans through the newly created SPV Globaldrive (UK) plc. Lead managed by Barclays Capital, the deal offered £240m of senior bonds rated triple-A by all three agencies. With an average life of 3.86 years, the note priced at 25bp over one month Libor. A £10m single-A piece with an average life of 4.92 years priced at 65bp over.

IKB Deutsche Industriebank is preparing to launch the first of several large synthetic securitisations under KfW's programme to transfer the risk of loans from Mittelstand companies to the capital markets. Dresdner Bank and HypoVereinsbank announced in September that they will each securitise Eu1bn to Eu1.5bn of Mittelstand loans originated under the supervision of KfW and fellow government agency Deutsche Ausgleichsbank.

The Dutch government has backed down on proposed changes to its Tax Reform 2001 that threatened the securitisation market and provoked widespread confusion and anger. A written statement is expected today (Friday), and already Dutch mortgage deals that had been put on hold are moving forward.