Structured credit issuance remains heavy in Europe, with E12.4 billion (US$14.2 billion) priced in the last fortnight, according to BNP Paribas. So far there seems to be no sign of volume dropping off before the late-summer lull.

That said, last week started on a quiet note, with a privately placed Portuguese RMBS transaction originated by Banco Totta & Acores. In commentary, Dresdner Kleinwort Wasserstein indicated that Santander Central Hispano, affiliate of BTA, retained much of the transaction.

Banco Totta & Acores is one of the top five banking groups in Spain and part of the Santander Central Hispano group. The E1.1 billion deal (US$1.26 billion) was led by Deutsche Bank and SCH, and structured in three tranches: the E1.0532 billion class A notes priced at 27 basis points over three-month Euribor; the single-A plus, class B notes priced at 65 over three-month Euribor; and the triple-B plus class C notes priced at 145 over three-month Euribor. The deal represented the sixth RMBS from Portugal and the second RMBS deal this year.

The launch spreads of the triple-A and single-A tranches are identical to those of Atlantes Mortgage No. 1, a Portuguese RMBS deal, issued in January of this year.

Still in the RMBS pipeline is a deal for Banca Apulia, reportedly E160 million (US$183.23 million) in size.

From the auto sector, there is a Portuguese auto and consumer loan deal, originated by Fincredito SFAC S.A and Leasecar. Credit Suisse First Boston is leading the E174.8 million (US$200 million) deal, called Aqua Finance No. 2 Plc. The first Aqua Finance deal was launched in November 1999.

On the CDO side, the pipeline has continued to build, including Euro Zing II B.C. for the Zais Group, EuroCredit DO III B.V. for Intermediate Capital Partners and two additional CDOs from ABN Amro and BNP Paribas.

On Tuesday, Societe Generale priced its E100 million (US$114 million) Rainbow CDO of ABS, issued under the Claris Ltd. series.

FAB 2003-1 B.V., a E295 million (US$337.8 million) CDO of mezzanine and senior European ABS, recently priced. The deal is originated by Gulf International Banks with lead manager Bear Stearns. All the floating-rate tranches met price talk. The E217.5 million triple-A, A1-E class was launched at 55 basis points over six-month Euribor.

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