Last week the Euro market saw another 1.5 billion (US$1.7 billion) of deals price, and the pipeline shows now sign of subsiding.
This week’s agenda includes a second issue from Credit Suisse First Boston‘s Chalet Financing series securitization of Swiss residential mortgages; the first deal was launched earlier this year.
The structure for Chalet II, a 4.25 billion (US$4.87 billion) issue, will resemble the previous transaction. Chalet Financing II includes a mixture of dollar, euro and sterling paper.
Spain continues to tap the market, with at least 1.8 billion (US$2 billion) expected to come under BSCH‘s FTA FTPYME, a CLO backed by SMEs. Sources indicated that a large triple-A piece is expected to be sold without a guarantee provided by the Kingdom of Spain.
Meanwhile, investors are being shown some Dutch paper, as a new 796.5 million (US$913.6 million) securitization of first and junior ranking residential mortgage loans began marketing for DSB Bank. The capital structure will include four Euro-denominated tranches rated from triple-A to double-B. Morgan Staley is lead on the transaction.
