The weather wasn't the only thing heating up in Europe last week as more issuers packed into the pipeline. The bustling premarketing of deals bodes well for hefty issuance volumes in June and July, sources said.

According to figures released by Dresdner Kleinwort Wasserstein, issuance for the first half of this year could reach 129 billion ($155 billion), a 30% increase over the same timeframe last year.

Paragon Group announced its latest transaction, Paragon Mortgages 9, a GBP700 million ($1.2 billion) static pool of buy-to-let mortgages. The Class A notes are offered in dollar, euro and sterling denominations totaling an equivalent GBP624.4 million, with a 3.2-year average life. Individual tranche sizes will be sized based on demand. And for the first time, Paragon Mortgages will be offering investors double-A notes along with the usual single-A rated notes, both with 4.8-year average lives denominated in euros and sterling. The provisional pool had a 77.5% LTV and 1.4 years of seasoning. Some 71.5% of the loans were to professional landlords and 44.5% of the pool has exposure to London and England's Southeast region.

Northern Rock is also marketing its GBP600 million commercial property-backed securitization, dubbed Dolerite Funding 2, said market sources. Just its second granular CMBS, the deal will give investors access to property exposure, without actually having to own the buildings. Citigroup Global Markets and Morgan Stanley are joint lead managers on the deal, which includes a GBP486 million 2.4-year triple-A rated class along with four 3.9-year tranches rated down to double-B. The pool includes 388 loans with over 2,000 tenants. Dolerite Funding 1 priced in June 2002, with a GBP600 million, 3.1-year Class A tranche, supported by GBP27.5 million, 5.1-year Class B and GBP56.3 million Class C tranches.

The City of Rome is marketing its Campidoglio Finance Srl, which offers exposure to a portfolio of Italian property. Repayments are expected from sale of the properties to tenants and via auction. "The sale process is reasonably advanced with all properties identified, valued and answers received from the current tenants - 70.6% by value are expected to be sold to tenants," explained analysts at the Royal Bank of Scotland. "Only the final stages require completion, executing sale of the properties and arranging for auction of the remaining units." The deal will offer two tranches, rated triple- and single-A.

Further west, Spanish bank Monte de Piedad y Caja de Ahorros de Huelva y Sevilla is set to launch a 449.2 million real estate deal led by DrKW, according to reports.

(c) 2005 Asset Securitization Report and SourceMedia, Inc. All Rights Reserved.

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