It was a busy week for the European new issuance pipeline. Over 10 billion ($12.7 billion) was on offer by week's end, portending an abundant supply that will allow participants to be selective about the assets on offer.
Italy's Banca Popolare di Milano plans to issue a 2.015 billion RMBS, BPM Securitization 2 Srl. The deal will be led by ABN Amro and Citigroup Global Markets. BPM offers fast and slow pay senior notes dated at 1.6- year and 6.7-year average lives. Additionally, double-A and triple-B rated tranches are also marketing. The provisional pool had a 54.7% LTV, 3.0 years seasoning and an 84.9% concentration in Northern Italy.