It has been another busy week for European securitizations as the market gingerly takes on the remaining months of this year. Last week, U.K.-based mortgage lender Southern Pacific was in the market with a GBP350 million subprime issue that was hashed out in three tranches of floating-rate notes.

The issue, Southern Pacific Securities C Plc, priced its GBP301.5 million, triple-A-rated class A notes at +44 basis points over the three-month Libor; its GBP28.2 million single-A-plus-rated, class M notes priced at +150 basis points and a GBP20.1 million triple-B-rated class B tranche priced at +275 basis points. The deal was co-managed by ABN AMRO and Lehman Brothers.

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