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European ABS wrap: September pipeline grows, CDOs account for bulk

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While the rest of the market went on holiday, collateralized debt obligations picked up the summer slack, accounting for two thirds of market activity; 12 publicly placed deals totaled EURO5.3 billion. But the August slumber is awakening to what promises to be an active year-end effort, market analysts say.

Lining up in the wings is the Italian-based Credico Finance SpA, with a EURO303.4 million MBS deal. Five Italian co-operative banks are involved as originators, which include BCC Agro, BCC Alba, BCC Orsage, BCC Roma and BCC Romagna Est.

Much like Mosaico Finance, the deal is a true-sale with a sequential pass-through structure and an 18-month lock-out period. The five originating banks have pooled together mortgage loans as collateral. All receivables are cross-collateralized. At the end of August every loan in the portfolio was performing with no delinquencies accounted for. The deal is expected to price sometime this month.

Also in the pipeline for this month is HVB Real Estate 2001-1, a EURO144.9 million German-originated synthetic RMBS. Commerzbank and HVB Real Estate are lead managers for the deal. Rosy Blue Carat SA is also expected to price its $100 million inventory-backed securitization sometime this month. The deal is lead be Nomura.

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