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.

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