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.

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