The deals just keep on coming. More crammed into the European pipeline last week as over 20 billion ($25.5 billion) began marketing ahead of the holiday week. Market sources expect much of this paper to price before Information Management Network's Barcelona conference in June.

GMAC RFC prepped its E-MAC DE 2006-1, the latest 500 million RMBS deal for its German subsidiary. It's the second German true-sale RMBS deal from GMAC, offering 437 million of 5.3-year triple- A rated notes along with four subordinated tranches rated from double-A to triple-B with 6.9-year average lives.

Marketing is underway for BCC Mortgages, a 1.04 billion mixed-MBS deal for 43 Italian rural and cooperative banks. The BCC capital structure includes two tranches from the combined pool: 997.2 million of 5.7-year triple-A rated notes and 42.4 million of 13.3-year single-A rated notes.

Underwriters began official marketing for Cadogan Square II Euro CLO, a 460 million deal for Credit Suisse's leveraged investments group. Fast and slow pay triple-A rated notes are being offered in addition to four subordinated tranches rated from double-A to double-B. The pool will contain a minimum 85% senior secured loans and a maximum 15% mezzanine and high yield bonds.

Bradford & Bingley's announced a new deal from its Aire Valley buy-to-let RMBS Master Trust, although it won't begin marketing until the end of July.

Price talk was issued for Clavis 2006-1, the GBP600.3 million ($1.12 billion) deal from West LB's U.K. nonconforming mortgage lender Basinghall Finance. Clavis offers three tranches of triple-A rated notes offered in sterling and euro denominations along with four subordinated tranches rated double-A to double-B - no interest only strip was structured. Its one-year, triple-A notes were talked at seven to eight basis points over Libor and its 4.5-year triple-A notes were offered at 18 basis point area.

Guidance for Kuxta's 750 million Spanish RMBS, AyT Kuxta Hipotecario I, saw its 6.3-year triple-A rated notes talked at the 13 to 14 basis point area over Euribor.

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

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