After having just closed this summer, Frans 2003 plc - an equipment enhanced trust certificates (EETC) transaction backed by payments from Air France - saw its unwrapped class B securities come under pressure. This came after reports last week of a possible merger between the French airline and Dutch carrier KLM.

Merger talks between the two airlines are still being ironed out but Moody's Investors Services and Fitch Ratings, which rated the deal, are closely following the developing situation.

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