Portugal is getting the hang of things these days - at least that seems to be the market opinion. A report last week from Moody's Investors Service predicted that 2002 will be filled with asset-backed transactions and CDO deals from repeat issuers as well as some possible new entrants. New players in the residential-mortgage arena are also expected, though forecasts are uncertain as a result of the evolving market.
Last year, Portugal saw two repeat issuers in the market, along with a CDO transaction and the first mortgage-backed securitization in the country's history. Banco Comercial Portugues' EURO1 billion, Magellan Mortgages No.1, brought to market via ABN AMRO (see ASR 12/17/01 p.15) opened the floodgates for more transactions of the like to come to market in 2002. It was the first transaction to implement the new securitization law that was originally passed in 1999.