European spreads are proving resilient despite the continued building of ABS paper. "Although deals tend to be oversubscribed, testing the lower levels of pricing has been relatively unsuccessful recently," Commerzbank analysts said.

New deals continue to be the order of the day. Last week dealers announced that the 5.4 billion ($6.7 billion) GRAND German multifamily CMBS deal is due to be tapped. A total of 399 million of new bonds will be issued across the capital structure to fund the addition of the 559 million portfolio to the collateral pool.

The Kingdom of Belgium announced its B-TRA 2006-1, a 685 million securitization of delinquent Belgian tax receivables, including VAT, income and withholding tax. Approximately 9.75 billion of receivables back the deal that is derived from about 454,500 obligors.

A new GBP1.0 billion ($1.85 billion) U.K. conforming and nonconforming RMBS deal dubbed Leek finance 18 for Britannia Building Society subsidiary Platform Homeloans began marketing. Roughly 28.9% of the loans are considered conforming owner-occupied, 35.6% are buy-to-let, and 35.5% are nonconforming owner-occupied. Weighted average LTV is 80.6%, with 4.4 months seasoning. The Class A2d tranche was preplaced.

And from the U.K. more CMBS paper was on offer from Fordgate Commercial Securitization 1, the GBP264.3 million refinancing of loans made to Fordgate, backed by properties owned by Fordgate in England and Scotland. The office portfolio contains 12 buildings and accounts for three-quarters of portfolio value and rent.

A 1.0 billion Spanish RMBS for Caixa d'Estalvis del Penedes was on offer. The pool is comprised of 9,672 loans with a weighted average LTV of 68.7% and 31.2-months seasoning. And BBVA announced its latest 1.9 billion Spanish SME CLO, BBCVA 5 FTPYME. The deal is structured with five publicly offered tranches, with the class A3G tranche guaranteed by the Kingdom of Spain, and Class C notes guaranteed by the European Investment Fund.

(c) 2006 Asset Securitization Report and SourceMedia, Inc. All Rights Reserved.

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