Several new deals began marketing last week and as market players turned their attention to the new-issue pipeline, secondary trading activity remained light.

From the Netherlands, a new RMBS deal began marketing via issuer Delta Lloyd NV. Through its Arena 2006-1, Delta Lloyd is looking to sell up to 1 billion ($1.2 billion) of notes. The transaction's total value depended on investor appetite for the pre-funding imbedded in the transaction, which was suggested between 300 ($362) and 600 million ($724 million). The current 400 million ($482.6 million) provisional portfolio includes 3,107 loans backed by 3,362 properties, with an average LTV of 107.5%. The transaction will be structured with up to 925 million ($1.1 billion) of triple-A rated 5.7-year Class A notes and 7.0-year support tranches.

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