With the Easter four-day weekend around the corner, European trading on the secondary front dried up by mid last week. Meanwhile, primary pipeline flow focused on pricing deals, as new transactions being marketed slowed to a trickle.

Dresdner Bank announced it is working on a 3 billion ($3.6 billion) balance sheet CLO of corporate exposures, RCL Securitization, which is expected to publicly offer 1.0 billion of notes using Germany's True Sale Initiative (TSI). The transaction will also optimize the bank's balance sheet ahead of the implementation of Basel II capital requirements in January 2007, and follows up on a transaction Dresdner placed via TSI in the beginning of this year. The new deal will consist of a single 1 billion tranche rated triple-A.

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