Italy priced its €800million ($881million equivalent) securitization of loans to Italian state and public entities dubbed C.P.G. Societa Di Cartlarizzazione. Talk for the €100 million triple-A piece was at +18 to +20 basis point area and came in at +18 basis points over the six-month Euribor. A second triple-A piece offering worth €466 million came in at the tighter end of talk at +37.5 basis points. The €76million B piece and the €41 million C piece priced at +100 basis points and +150 basis points respectively.

The Italian government ABS initiative is expected to explode to new heights this year. There's talk of new Italian legislation that allows for the securitization of properties used by the Ministry of Defense. The first deal is slated to be one of the largest CMBS deals ever, perhaps even bigger than the record-setting €6.6billion SCIP government owned real estate securitization. It promises to keep Italian issuance on track to match, if not exceed last year’s volume. Full story runs in next week’s issue (ASR 5/6/03).

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