November should be a busy month in the European market as companies and banks try to get deals out there before the Christmas break. One of the deals expected in the early part of the month is the housing association of Gothenburg's EURO300 million ($255.2 million) second deal. Skandinaviska Enskilda Banken was brought in to act as lead manager.

Called Framtiden Housing Finance No.2, the transaction is backed by the rental income from over 10,400 loans from 178 apartment blocks in the city. Both Standard & Poor's and Fitch IBCA gave a provisional triple-A rating to the single tranche deal.

Also expected in the early part of November is Ford's first securitization of auto loans from its U.K. portfolio. The company has previously launched a German car-loans deal, and the EURO250 million Globaldrive U.K. transaction will be launched through the same vehicle. Barclays Capital will act as lead manager.

The deal will be split into two floating-rate tranches that will pay a coupon over one month Libor. The senior EURO240 million notes will carry average lives of 3.8 years and received a triple-A rating from both Fitch and Moody's Investors Service. The A/A2 rated junior tranche will be a 4.9-year soft bullet.

Credit enhancement for the senior class notes will come from subordination on the junior tranche (4%), as well as a cash reserve (4.5%) and any available excess spread.

Merrill Lynch is currently roadshowing the first publicly offered Portugeuse collateralized debt obligation on behalf of Banco Comercial Portugues. A pool of 46 Eurobonds backs the EURO294.8 million deal, called Tagus Global Bond Securitzation No.1. BCP joins Merrill as joint lead manager for the deal.

The transaction is split into two floating-rate tranches that will pay a coupon over six month Libor. Moody's has given a provisional rating of Aa2 to the EURO270.8 million class-A notes and A2 to the E24 million B notes. Legal maturity will be reached in 2010.

Credit enhancement will come from subordination on the junior paper, a small cash reserve and any excess spread accrued.

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