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.

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