Deals continued to inundate the securitization market last week, with several transactions pricing. The pace is expected to ride the market through November. More CMBS deals were added to the pipeline along with what's expected to be the last U.K. CMBS deal for this year.

On this front, the not-so-foreign GBP365 million (US$583 million) Opera Finance No.1 for Eurohypo resumed marketing last week under a revised structure that, in this rendition, omits two loans from the structure. According to sources at the Royal Bank of Scotland, lead book runner on the deal, one of those loans has partially prepaid since the original offering earlier this year. As a result, the deal has reduced its exposure to Central London office properties to 17% and offers a lower LTV of 60.7%. The pool incorporates 55.3% total exposure to office properties, 38.1% exposure to retail properties, 4.7% to warehouses and 1.8% mixed use by syndicated property value.

Also on the market is a new deal under the Morgan Stanley ELOC program. This latest, a E336 million (US$383 million) pan-European ELOC 17, includes collateral distributed among Belgium, France, Ireland and Italy.

U.K. RMBS should quiet down following the close of HBOS GBP3.5 billion (US$5.83 billion) Permanent Financing scheduled for this week, sources said. It's counted as the second largest issue this year. The transaction is offered in multiple currencies, totalling US$3.75 billion, E819 million (US$934.6 million) and GBP700 million (US$1.16 billion).

Going forward, more of the major U.K. lenders are expected to follow suit, initiating covered bond programs that complement their securitization programs, said analysts at Dresdner Kleinwort Wasserstein.

Meanwhile, guidance was released last week on NIB Capital's synthetic Dutch RMBS issued under the KfW- sponsored Provide platform. Dubbed Provide Orange 2003-1 B.V. the E1 billion (US$1.14 billion) deal is the first Provide one to originate from Netherlands and only the second to be issued outside of Germany. The E867 million (US$989 million) super-senior tranche will be supported by E133 million (US$151 million) of the notes. The v50 million (US$57 million) class A is talked at 35 basis points over Euribor. More issuance is expected from the Iberian Peninsula, market sources said. Expect a E1.55 billion (US$1.76 billion) from Banesto, which will mark the bank's fourth deal this year. Sources at the RBS indicated that a large triple-A piece is expected in conjunction with at least E46.5 million (US$53 million) single-A rated class B notes.

The first Greek RMBS deal began marketing last week through ABN AMRO and the National Bank of Greece. Aspis Bank is issuing E250 million (US$285 million) of prime Greek residential mortgage loans to the special purpose company Byzantium Finance plc. Three classes of notes are offered and include a E225 million (US$256 million) triple-A piece, v15 million (US$17 million) of single-A notes and v10 million (US$11 million) of triple-B notes. The deal is expected to close by the end of November.

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