Deal flow took a brief pause when securitization industry players gathered for the recent Information Management Network Barcelona summit. But last week things got back to normal as price guidance was issued for a number of deals and a heavy pipeline was unveiled in the run-up to summer.

Dealers began work for Banco Santander's 1.97 billion ($2.4 billion) securitization of high LTV, first-lien mortgages, dubbed Santander Hipotecario 2. It offers 1.80 billion of triple-A rated notes with a 5.1-year average life alongside four tranches rated from double-A to double-B with 14.3-year average lives. The collateral consisted of 13,916 mortgages with a weighted original LTV of 92.07% and 1.53-year seasoning.

Unicredit Banca announced its 2.5 billion Italian RMBS, Cordusio 2. The deal comes on the heels of the 2 billion-plus BPM Securitization-2 for Banco Popolare di Milano, which priced last week. Cordusio offers both fast and slow pay triple-A rated notes with 1.8- and 7.3-year average lives as well as 13.5-year double-A and triple-B rated notes. The provisional pool consisted of 35,748 first lien Italian residential mortgages with a 52.3% weighted average LTV, 30 months weighted average seasoning.

Irish RMBS deals

From Ireland, two RMBS transactions bean marketing. EBS Building Society released the capital structure for its 1.5 billion Irish RMBS, Emerald Mortgages 4. Emerald offers three tranches, including 1.428 billion of triple-A rated notes, 34.5 million of double-A and 37.5 million of triple-B rated notes. The provisional pool has a 63.3% LTV and 19 months seasoning. Also, Irish Life and Permanent announced its 2.15 billion Irish RMBS last week.

(c) 2006 Asset Securitization Report and SourceMedia, Inc. All Rights Reserved.

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