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.

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