The European residential MBS market sprang to life again last week, as the third securitization of prime mortgages from SNS Bank's Hermes program was being actively marketed. The deal is being led by ABN Amro and SNS Financial Markets, and launch is scheduled for June 19.

The transaction, for EURO900 million, consists of three floating-rate pieces: a EURO831 million class A tranche with a 5.7-year average life, rated triple-A, an EURO50 million B class (mezzanine) rated A1/A, and a EURO19 million junior piece rated Baa1/BBB. The last two pieces each have an eight-year average life.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.