Europe's pipeline for primary issuances is swelling. Marketing began last week for Money Partners 3, the latest GBP500 million ($892 million) U.K. nonconforming RMBS. Money Partners' senior notes are offered with 0.9-year and 3.0-year average lives, sized at GBP130 million and GBP289.8 million, respectively. The notes are offered in dollar, euro and sterling denominations. The shorter tranche has been pre-placed on a reverse inquiry. Also on offer are an additional four tranches, rated from double-A to double-B with 3.5-year average lives.

Banco Popular Espanol SA said last week that it is considering securitizing some of its small and medium-size loans. A spokesperson at the bank said they were currently working on an SME securitization issue that will be placed between June and September of this year.

Meanwhile, marketing began for Ibercaja's 1.0 billion ($1.3 billion) Spanish RMBS, TDA Ibercaja 3. A total of 960 million of 5.2-year triple-A rated notes are offered alongside 8.7-year single-A and triple-B rated notes sized at 32.5 million and 7.5 million respectively.

On CLOs and esoterics

Elsewhere, the CLO pipeline is bulking up with new issues. Last week Alcentra announced the third deal from it Wood Street Vehicle, which is expected to total 400 million. Oak Hill has its 350 million Oak Hill European Credit Partners 1 on offer and Invesco began marketing its 325 million Theseus European CLO. Commerzbank is also expected to issue a 500 million SME CLO via the German-established platform True Sale Initiative.

On the esoteric side, CRC Breeze, a 355 million securtization that will fund the acquisition and completion of 39 wind farm projects in Germany and France offered price guidance on its notes. The triple-B rated notes were talked at 110-to-120 basis points over swaps and the double-B rated tranche was talked at the 225-basis-point area.

Greene King released guidance for its tap issue of the Greene King Finance securitization, expected to raise a total GBP550 million through three new classes of notes. Its class A3 GBP170 million single-A rated floaters were talked at 50 to 53 basis points over Libor and the triple- B rated floaters were talked at the low 80 basis points. The single-A fixed rate notes are talked at 72 basis points over Gilts. The existing classes will not be tapped. The total amount outstanding is expected to be GBP1.1 billion after the issue.

Underwriters released guidance for the 1.45 billion Spanish RMBS issue, UCI 15. The triple-A rated notes with a 4.8-year average life were talked at 13 to 14 basis points over Euribor.

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

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