On the heels of Spain's Bankinter SA's 1.322 billion RMBS, Unin de Creditos Inmobiliarios (UCI), a Spain-based, non-deposit financial institution, is following suit and heeding the advice of market experts by tapping the market with another RMBS transaction. However, analysts close to the deal say this transaction is not as high quality as the Bankinter transaction.

In the face of a global slowdown, market analysts agree that the Spanish market is a safe haven for investors trying to diversify their portfolio (see ASR 10/15/01 p.1). "I think the demand for Spanish RMBS should be good because [investors] want to diversify slightly from Italy," said an analyst at Dresdner Kleinwort Wasserstein.

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