The pricing early last week of the E550 million Dutch RMBS transaction Match I kicked off what was to become yet another busy week in the European securitization market. Market analysts estimated that approximately E3.5 billion of new paper backed by a range of asset classes was issued last week, and activity for the remainder of the year is expected to continue this active pace.

The Match I deal, co-managed by ABN AMRO and Deutsche Bank, priced the class A notes at 23 basis points over the three-month Euribor for the floating-rate paper, and 60 basis points over for the fixed-rate notes. Unusual for a Dutch transaction, Match I has no set-off risk because the underlying pool does not include any insurance, savings or investment mortgage loans.

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