The pace in the primary market picked up last week, making the tally for June issuance the highest in Europe to date. By Thursday the week-to-date total European new issuance reached more than 5.0 billion ($6.04 billion). An aggressive primary flow means that that secondary trading slowed as dealer inventories balloon under the pressure of fresh supply. Royal Bank of Scotland reported recent deals trading close to par and in some cases at a modest discount.

Karta 2005-1, a 750 million ($970 million) Greek credit card deal for EFG Eurobank, was being marketed last week. Karta is the first Greek deal backed by credit card accounts and offers buyers three note tranches rated triple-A, single-A and triple-B with 5.0-year average lives. The pool included almost 914,000 accounts with a weighted average balance of 1,137 and weighted average-limit of 2,623. A source close to the deal said that underwriters had announced the red herring last Tuesday and the issuer was in the midst of soliciting orders.

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