Last week opened up with heavy European primary market activity in the run-up to December, as over 8 billion ($9.7 billion) of new issuance was scheduled, some of which is expected to be pushed into November.

The traditional fourth-quarter line up of Spanish SME's began with several deals sizing up during the week. Banco Santander priced its 3.1 billion SME CLO - its largest deal so far. The A2 notes priced at one basis point inside price talk and tightened slightly on the break, quoted at 100.01 to 100.02. Analysts at Dresdner Kleinwort Wasserstein said that while the deal appears to offer decent value on a relative basis, the perception is that there are a lot of bonds on the street and this is likely to affect secondary performance.

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