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ABS

Europe Heats Up in Yearend Bid to Get Deals Done

Published Updated 1 Min Read

Friesland Bank is planning to sell bonds backed by prime Dutch residential mortgages, according to market reports.

It would be the second deal to emerge from the region in several weeks.

The deal, called Eleven Cities 4, is worth €800 million ($1.18 billion). However, market reports indicated that the lead manager Royal Bank of Scotland will only offer one €560 million tranche to investors.

Europe has seen its primary pipeline heat up and move away from depending on the securitize-to-repo format that drove volumes for most of 2009.

Last week, Delta Lloyd priced a €904.5 million deal, which reopened the Dutch RMBS market.

According to market reports, Spanish bank Caixa Catalunya is issuing €585 million of ABS debt through GAT FTGENCAT 2009, a vehicle set up to package loans into bonds. The notes comprise of loans and leases to small and medium-sized companies.

Caixa Catalunya and JPMorgan Chase are managing the public sale, which will be guaranteed by the Catalan government.

BBVA, also a Spanish Bank, is also said to be planning a senior unsecured two-year euro benchmark floating-rate note.

 

 

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