There are no signs of a slowdown in Europe, and this is proving to be another RMBS heavy week. Names out of the real estate sector are emerging from Portugal. These include a second deal from Banco Espirito Santo, in this round bringing 1 billion (US$1.17 billion). The deal, called Luistano Mortgages No.2, is making the rounds with 900 million (US$1.05 billion) in triple-A notes carrying 5.5 average life.
Alongside Luistano the 930 million (US$1.08 billion) Banco Commercial Magellan Mortgages No.2. And investors still hungry for paper from Portugal's Iberian neighbour can take a piece of the 1.2 billion (US$1.4 billion) FonCaixa Hipotecario deal for La Caixa.
More U.K. non-conforming paper joins the line-up, and this time its Britannia Building Society issuing Leek Finance II, sized at £400 million (US$665 million). The loans in the portfolio include £212 million from Britannia's non-conforming subsidiary, Platform Home Loans and £144 million are conforming mortgages originated from Citibank International plc. The structure includes two tranches o offered in a mix of euro, dollar and sterling paper.
Also out of the U.K. is a £310 million (US$515 million) CMBS deal marketing from Lehman Brothers’ Windmere conduit. Provide continues to deliver its promise to expand and move its platform to the Netherlands. Provide Orange will include 1 billion (US$1.17 billion) of loans from NIB Capital and ING Dutch subsidiaries.
