Last week kicked off with at least E2 billion (US$2.3 billion) of funded notes circulating the market, so there's plenty of paper still left to price by the end of this month. In keeping with the revival of ABS paper, more corporate paper crams into the already backed-up 2003 pipeline.

Included in the pipeline is the GBP400 million (US$676 million) U.K. insurance policy securitizations marketing for Barclays Life Assurance Co. - only the second time a deal like this has been launched since the 1998 inaugural Mutual Securitization deal (see ASR 7/1) from National Provident Institution (NPI). The deal is being issued through Barclays Capital. Market sources indicated that the deal has been restructured as a GBP400 million, 2.6-year triple-A tranche wrapped by AMBAC. The deal was originally offered in two parts: a GBP75 million (US$127 million) triple-A with a 0.5-year average maturity, plus a GBP325 million (US$550 million) 2.6-year triple-A class.

More CMBS trickled in via a E965 million (US$1.13 billion) deal from Paris that securitizes two multi-family properties in the city. The deal is led by Merrill Lynch and HVB and includes five tranches ranging from triple-A to a E36.2 million (US$42.7 million) double-B piece.

New names on the CDO front last week included a E270 million (US$318 million) managed arbitrage deal backed by European and U.S. senior secured and mezzanine loans dubbed Avoca CLO I BV. Avoca Capital Holding is the collateral manager on the deal and Deutsche Bank is lead underwriter. A E100 million (US$118 million) managed arbitrage CDO for AXA Investment Managers is also on the list. Tempo CDO I ltd will also be backed predominately by European mezzanine paper along with U.S. ABS paper. Citigroup acts as lead manager on the deal. Cambridge Place Investment Management LLP launched its E387.5 million (US$457.2) managed arbitrage CDO, Camber 2 S.A. - a first for the new collateral manager. The deal is also being led by Deutsche.

There's no abating the Spanish issuance, as new names continue to mount onto the pipeline. The fifth and smallest SME CLO was the new order of business as Banco de Pastor began preliminary marketing on its E225 million (US$265 million) GC FTYPYME Pastor 1 FTA. The deal is partially backed by a Kingdom of Spain guarantee included on the E76 million (US$89.6 million) class AG notes. The U.K. looks set to dabble in the SME arena. Last week, talks circulated regarding an expected SME CLO through Barclays. The deal is expected to market at around GBP2 billion (US$3.3 billion).

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