Deutsche Bank Securities is in the market with a Portuguese future flow securitization that is believed to be a first of its kind. The 256.5 million deal is backed by the construction contracts on four major road projects in Portugal.

The fund participation units, to be issued by a special purpose entity called Eiffel 1, will have an average life of three years and a final maturity of five years. Standard & Poor's assigned a preliminary BBB-minus' rating last week.

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