German real estate lender Eurohypo was marketing a 1 billion ($1.32 billion) Dutch CMBS under its Opera series vehicle last week. The deal offers investors exposure to 318 Dutch properties. It's the lender's fourth CMBS deal announced in less than three weeks and the first euro-denominated Opera bond ever. Notes in the latest transaction will include 656 million of triple-A rated senior paper and an additional three tranches rated from double-A to triple-B.

Investors also saw 1.5 billion of Dutch MBS circulating for NIB Capital via its Dutch MBS XII transaction. The capital structure will include a 4.9-year triple-A rated senior A class and five subordinated tranches dated at seven-years. The provisional pool has 30 months of seasoning and 79.4% indexed loan-to-foreclosure-value (LTFV). This is the first deal in NIB Capital's first Dutch MBS series since Dutch MBS XI, which priced in November 2003.

Marketing also began for 1.5 billion of Dutch RMBS paper via HBOS Candid Financing 2005. The transaction is backed by mortgages originated by Bank of Scotland's Amsterdam branch - Bank of Scotland merged with Halifax to form HBOS. The transaction offers investors a total of 1.39 billion of A class notes along with four support tranches, including one structured down to a double-B rating. The provisional pool, which will revolve for three years before amortizing, has a 109% weighted average LTFV and 19 months of seasoning. ABN AMRO and JPMorgan Securities are joint lead managers.

From Italy, Investors saw some additional 392.8 million of mortgage paper come onto the pipeline. The deal, Credico Finance 4 offers investors notes backed by mortgages originated by 16 Italian banks; 376.8 million of senior notes, with a 5.4-year average life, are being offered and an additional 16 million single-A rated paper is offered. Price talk was issued for Italy's largest RMBS to date - Cordusio - from Unicredit Banca. The 3 billion transaction saw its fast and slow pay triple-A pieces talked in the seven and 11 basis point areas over Euribor, respectively. The double-A and triple-B tranches were talked in the high teen and 50 basis point areas, respectively.

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