The European securitization industry was back in full swing last week after a brief pause for the early June gathering in Barcelona. New issues were the order of the week with over $1.4 billion equivalent of new deals added to the pipeline.

A new aircraft ABS flew into the mix. The $722 million equivalent Air France securitization offers investors exposure to 16 aircraft loans used to finance new planes. Three tranches of notes will be offered including $347.6 million of triple A notes spread over two tranches and a $169 single-A minus B tranche. Fitch rated the transaction as it would an EETC issue, linking the unsecured corporate rating of the airline to the notes. The ratings on the class A notes are backed by an MBIA financial guarantee.

And just when the market said it had had enough of Italian lease paper, the sector swings back in action with a new deal added to the pipeline. It's the second lease transaction marketing this year rounding the total to about $1.17 billion equivalent of Italian leases so far this year. The $763 million equivalent transaction for veteran issuer SBS leasing - Lombarda Lease Finance 3 - is co-managed by Credit Suisse First Boston and Deutsche Bank. Investors may find the good performance levels of its prior two issues reassuring; sources said these were performing in line with expectations. The transaction will offer three triple-A rated tranches totalling $722 million.

On the RMBS front, the industry saw a break from U.K. dominance with a number of continental issues joining the pipeline. From Spain a $1.4 billion equivalent RMBS from Union de Creditos Immobiliaros is marketing over a billion in triple A rated notes and $50 million of double A minus notes. Sweden also joins in with a billion-dollar issue dubbed SRM Investments No.3. It will include a $1 billion equivalent tranche of triple-A notes, $381million equivalent of double A rated notes and $41 million equivalent of single-A notes. An additional triple B tranche is also being marketed.

Also in the market was a $880 million equivalent RMBS transaction for First Active, dubbed Celtic Residential Mortgages No.8. It includes a $836 million tranche of triple-A notes and $44 million of single-A notes.

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