With few trades to speak of, Europe seems officially to be on summer holiday. The week started with only four transactions publicly marketing for a grand total of 3.2 billion ($3.9 billion) of notes. Sources at The Royal Bank of Scotland reported that new issuance volumes were also light during July at 12.6 billion ($15.5 billion) compared to a monthly average of 22.8 billion during the first half and 21.2 billion last July.

The capital structure was released for Deco 2005-EU1, a 900 million German and Swiss CMBS transaction from Deutsche Bank's conduit. A total of 10 tranches rated from triple-A to a split-rated double-B/triple-B minus are offered with 6.7-year average lives and a fast pay 3.5-year note. The deal includes a 680 million loan backed by the Centro shopping center in Germany alongside a further six loans on 48 properties with a total 1,618 tenants with a 91% German and 9% Switzerland concentration breakdown. Price guidance for the fast-pay A class notes are talked in the 19 basis point area over Euribor and the slow-pay A class is talked in the 26 basis point area over Euribor. Pricing is expected sometime midweek. Market sources report it's likely to be the only deal marketing this week.

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