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* UK catalogue retailer Great Universal Stores will bring the second tranche of its £800m auto loan securitisation next week. ABN Amro placed £400m of the assets through one of its asset backed commercial paper conduits earlier this year. Next week Merrill Lynch will form a syndicate to sell £380m of bonds with a 4.1 year average life through Automobile Receivables Trust No 1. The deal will be rated triple-A by Moody's and Standard & Poor's on the basis of a subordinated tranche, likely retained by GUS. Market participants expected the deal to price between 25bp and 28bp over three month Libor.

BANKERS Trust will launch the Pub Master Group's £305m securitisation of revenues from some 1,500 pubs in the next two weeks. The company was created in 1996 through a management buyout from leisure group Brent Walker - NatWest, PPM Ventures and BC Partners contributed equity, alongside management.

BANCO Santander Central Hispano and Paribas this week rolled out the fifth deal in the Fondo de Titulización Hipotecaria programme for Union de Créditos Immobiliarios. The Eu265m UCI 5 deal is secured on unusally high quality collateral - the weighted average LTV is 64.6%, average seasoning is 18 months, and the delinquency rate is 0.4%. The pool of 5,627 mortgages is relatively well diversified, with the only large concentrations in Madrid and Barcelona, at 30% and 18% of the principal balance respectively.

How does a major player such as Barclays Capital operate its ECP business? How do sales, trading, syndicate and origination function together? And how does the firm try to keep a step ahead in a business where time is of the essence and where being the first to spot opportunities - and relay them to customers - is vital?

Competition among ECP dealers is intensifying once again, threatening to erode still further margins in a business where they have never been exactly lucrative.

The Euro-commercial paper market is on a roll. The arrival of the euro has provided the trigger for major growth in the base of issuers, investors and intermediaries in Europe's money markets.

How does a new borrower get established in the ECP market? What are the costs of setting up a programme? How many dealers should there be? How pro-active should the issuer be in marketing its credit and setting price levels? And what are the keys to a successful programme?

The changes in the European CP market are creating opportunities and challenges for established issuers and newcomers alike.

The market in asset-backed commercial paper, which has grown to a huge size in the US, is still in its infancy in Europe. But the increasing use of the ABCP market by Europe's largest banks, the growing desire among investors for credit products - and the fact that the euro's arrival means that asset pools can be securitised much more easily - should mean that the product finally starts to take off in the European market.