Unlike previous years in European securitizations, January will not play host to any issues held over from last December's massive buildup. Traders said that aside from the two deals that are currently being marketed, there might be two more Spanish RMBS securitizations in early January that will spill over from last year's business. But the remainder of the month is expected to remain quiet.

"You rarely see a lot of stuff before the end of January, and I think this year we will have to wait until February to see the market really pick up again," said one trader. "Weirdly enough, everything was done and there was very little put back for this year -January is dead compared to the massive year-end pipeline that we saw in 2005."

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