The European ABS market is seeing approximately 3.5 billion (US$3.9 billion) of new issues enter market this month, with yet another busy week ahead. On the agenda is the £137 million (US$219.8 million) funded CDO of ABS STERLINGMAX I, marketing a structure backed completely by U.K. MBS including RMBS, CMBS and subprime mortgages. West Hyp is the collateral advisor on the deal and CIBC World Markets is lead manager.
ING Belgiumis also marketing a 1.5 billion (US$1.6 billion) synthetic balance sheet CDO that's backed by a portfolio of loans, letters of credits and guarantees offered to medium and large European corporates. A total of 119 million (US$133.7 million) of notes that range from double-A, single-A and double-B notes are anticipated to be sold.