After the usual August lull, the European market is gearing itself for a busy September.

One familiar face returning to the fray will be U.K. mortgage lender Northern Rock with the third issue from its Granite vehicle. Called Granite 00-2, the GBP1.3 billion ($2.2 billion) transaction is backed by a pool of around 26,000 residential mortgages in England and Wales. As in the previous two issues, J.P. Morgan is lead manager.

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