The Bipop-Carire Group returned to the performing mortgage sector last week, with the largest Italian RMBS issue to date. Via Dresdner KW, the EUR766.5m issue will only be able to claim this title for a few weeks, as BPM is set to trump it with its upcoming EUR1.34b offering.

The soft bullet structure differentiates Garda from other Italian MBS transactions. The pick-up, servicer recognition and origination areas were also positive factors. Prepayment speeds in Italy are slow, and this structure will focus on re-investment during the seven-year revolving period, saving on a technical update at each stage of amortization.

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