RMBS from all over Europe continues to flood the market. According to Dresdner Kleinwort Wasserstein there is over E9 billion (US$10.4 billion) of European prime RMBS expected to price before the end of summer.
New on the scene is the E1 billion (US$1.16 billion) Swedish RMBS deal, SRM Investment No.3. As the title indicates it's not a first for the Swedish National Housing Finance Corp, but it is the first time the notes are being backed by loans made to housing co-ops. In the earlier deals the collateral backing the notes included loans provided to single-family houses. Here under SRM 3 the co-op is the owner if the residential properties and all loans are secured by Pantbrev - the bearer document is issued by the Swedish official registry of real estate.