INAPA, a Portuguese paper company, is working on a E250 million trade receivables securitization. It will be lead managed by Deutsche Bank, according to a banker who has worked on the deal. In addition to businesses in Portugal, INAPA has a presence in France, Germany and Spain. INAPA's deal will be the second trade receivables deal ever from Portgual. GALP Energia, the state-owned oil company in Portugal, is in the market with a E200 million deal.