CMBS volumes have passed unprecedented levels and look likely to mass more volume before the year comes to an end. Morgan Stanley is looking to issue two new deals from it ELoC program, both of which will be backed by low-leverage multi-borrower loans. The first deal is expected to reference 330 million ($393 million) of French and Belgian loans and the second transaction will reference 550 million of U.K. loans. The last deal from the program, ELoC 20 priced last September.

On the RMBS front, marketing began for two Italian deals. Mars 2006 Srl, a 263.4 million Italian RMBS for Banca Sella is backed by 3,738 loans with a 53.6% LTV; 87% of the loans were originated in Northern Italy, 11.2% Central Italy and 1.8% Southern Italy. In addition 14.9% of the loans were for second homes. A total of 248.9 million of 5.5-year triple-A rated notes are offered with two smaller subordinated tranches. And BNL is also expected to begin marketing a 1.8 billion transaction from its Vela Homes program, the third deal from this program.

Marketing is underway for Darts Finance a 1.0 billion Dutch RMBS deal for Delta Lloyd. The pool consists of mortgages backed by a full NHG-guaranty, ensuring a high proportion of senior rated notes. Two tranches are offered: a nine-year triple-A rated note supported by single-A rated nine-year notes that fund the reserve account. Darts will include approximately 350 million of prefunding.

Also in the works that will add some volume to the slow moving credit card sector is a GBP1.0 billion ($1.74 billion) credit card deal for Barclaycard under its Gracechurch program. It's the first deal from the series that will offer investors only sterling and euro denominations, instead of U.S. dollar classes. Gracechurch #10 has on offer a total of GBP900 million of triple-A rated notes available in both euro and sterling with five-year average lives in addition to GBP50 million of single-A and GBP50 million of triple-B rated notes.

A 550 million consumer loan deal for DSB Bank, dubbed Chapel 2005-1, has been mandated for mid-November and Banco de Sabadell is working on a 750 million Spanish SME CLO.

(c) 2005 Asset Securitization Report and SourceMedia, Inc. All Rights Reserved.

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