IntesaBCI has joined the growing list of capital market issuers affected by the collapse of Enron, the energy trader, and Railtrack, the UK rail infrastructure operator that was put into administration in October.

IntesaBCI has issued a series of collateralised debt obligations (CDOs) through Scala, a special purpose company created for that purpose. IntesaBCI arranged and underwrote three Scala deals launched between 1999 and 2001. The most recent, Scala 3, was launched in July this year.