© 2026 Arizent. All rights reserved.

More issues added to European pipeline

Published 2 Min Read

European spreads are proving resilient despite the continued building of ABS paper. “Although deals tend to be oversubscribed, testing the lower levels of pricing has been relatively unsuccessful recently,” Commerzbank analysts said.

New deals continue to be the order of the day. Last week dealers announced that the 5.4 billion ($6.7 billion) GRAND German multifamily CMBS deal is due to be tapped. A total of 399 million of new bonds will be issued across the capital structure to fund the addition of the 559 million portfolio to the collateral pool.

The Kingdom of Belgium announced its B-TRA 2006-1, a 685 million securitization of delinquent Belgian tax receivables, including VAT, income and withholding tax. Approximately 9.75 billion of receivables back the deal that is derived from about 454,500 obligors.

A new GBP1.0 billion ($1.85 billion) U.K. conforming and nonconforming RMBS deal dubbed Leek finance 18 for Britannia Building Society subsidiary Platform Homeloans began marketing. Roughly 28.9% of the loans are considered conforming owner-occupied, 35.6% are buy-to-let, and 35.5% are nonconforming owner-occupied. Weighted average LTV is 80.6%, with 4.4 months seasoning. The Class A2d tranche was preplaced.

And from the U.K. more CMBS paper was on offer from Fordgate Commercial Securitization 1, the GBP264.3 million refinancing of loans made to Fordgate, backed by properties owned by Fordgate in England and Scotland. The office portfolio contains 12 buildings and accounts for three-quarters of portfolio value and rent.

A 1.0 billion Spanish RMBS for Caixa d’Estalvis del Penedes was on offer. The pool is comprised of 9,672 loans with a weighted average LTV of 68.7% and 31.2-months seasoning. And BBVA announced its latest 1.9 billion Spanish SME CLO, BBCVA 5 FTPYME. The deal is structured with five publicly offered tranches, with the class A3G tranche guaranteed by the Kingdom of Spain, and Class C notes guaranteed by the European Investment Fund.

(c) 2006 Asset Securitization Report and SourceMedia, Inc. All Rights Reserved.

http://www.asreport.com http://www.sourcemedia.com

For reprint and licensing requests for this article, click here.

More From Asset Securitization Report

Aussie RMBS Doing Better than U.S.’s in Some Ways—for Now

While in the United States efforts to create more new-issue-rated RMBS are just starting to gain a little more momentum and the latest economic indicators at press time have not exactly been rosy, RMBS Down Under have been doing relatively well. Australia “has been in some ways the least affected of the major RMBS markets, […]

European PlayersRekindle Primary Pipeline

The European ABS market “shot out of the blocks” in early January with significant spread tightening in both “on-” and “off-the-run” names and across senior and subordinate bond classes at the same time. The late 2009 revival of primary issuance continues to hold pace with several new deals marketing in January. This combination of improved […]

Lehman’s Domino Effect: European Bank Failures keep coming

Lehman Brothers’ overnight collapse has left a heap of trouble in Europe, setting off an alarming domino effect. It all happened over a span of three weeks: what began with the U.S. subprime problem has evolved into a dilemma of tsunami-like proportions. It has destroyed some of the most well-established names on Wall Street and […]

European Players Brace for an Uneventful Return to their Desks

As summer comes to a close and all of Europe has seemingly taken a holiday from the toughest months for the securitization market, it’s likely that when players return they’ll find that the European market is no closer to recovery. Market analysts said that credit crisis’s end and the structured finance market’s recovery are still […]