While the rest of the market went on holiday, collateralized debt obligations picked up the summer slack, accounting for two thirds of market activity; 12 publicly placed deals totaled EURO5.3 billion. But the August slumber is awakening to what promises to be an active year-end effort, market analysts say.

Lining up in the wings is the Italian-based Credico Finance SpA, with a EURO303.4 million MBS deal. Five Italian co-operative banks are involved as originators, which include BCC Agro, BCC Alba, BCC Orsage, BCC Roma and BCC Romagna Est.

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