Europe's primary pipeline gathered more momentum last week as several deals began marketing, but the pace is less frantic than in 2005 as a handful of new issues were announced.
Freshwater Finance PLC - an independent special purpose company set up last year in connection with Anglian Water's GBP402 million ($699 million) utility index linked bond repack - has announced a second issue is in the works. The deal is expected to total GBP200 million ($347 million) and was due to launch by press time.
GMAC-RFC began marketing its GBP1 billion ($1.74 billion) U.K. RMBS that is issued in pounds, dollars and euros. RMAC 2006-NS1 has both fast and slow pay triple- A' rated notes, including GBP324.5 million ($564 million) of 0.95-year fast-pay notes and GBP550.7 million ($957.11 million) of 3.41-year notes. The collateral has a 76.8% LTV. Underwriters expect to price the deal this week.
Credit Suisse released structuring details for its 723 million ($862 million) German CMBS, Titan 2006-1. The collateral consists of 10 loans on 56 properties with 214 tenants. The properties are split 43.9% mixed use, 28.1% office, 14.7% warehouse/ industrial, 8.6% hotel, 4.3% retail and 0.5% other. The largest four tenants accounted for 41.3% of the rent. The portfolio has a 73.6% LTV.
Deutsche Bank priced its 1.6 billion ($1.9 billion) German CMBS deal, Deco 7. The deal was backed by 10 loans against 449 properties. The senior five-year tranche came in at 20 basis points over Euribor and its senior 6.7-year A2 tranche priced at 27 basis points over Euribor. Retail properties form 73.6% of the pool, offices make up 20.3% and multifamily homes account for 6.1%. These properties are located mostly in Germany, but 7% are in the Netherlands, and 6% are in Switzerland. The transaction's largest property loan concentration, approximately 30.2%, has no prepayment protections. The smaller property loan concentrations have some protections ranging from the first three to nine years from origination, but prepayment fees are not paid to investors.
In addition, the TDA CAM 6 deal - which is a Spanish RMBS deal - is offering investors 1.3 billion ($1.5 billion) of RMBS paper. The deal is marketing three triple-A' rated tranches.
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