Continued improvements to the Portuguese securitization law have paved the way for three repeat issuers to bring consumer asset deals to the market sometime this quarter. And, with a seemingly full ABS pipeline, a collateralized debt obligation transaction and a mortgage-backed deal are said to be lining up to follow suit.
Banco Banif is in the market with Atlantes Finance No. 2 Plc, a Euro 150 million (U.S. $133.4 million) deal backed by a mixture of consumer loans and equipment leases. At the same time, Banco Mais is gearing up to launch BMORE Finance No. 3 Plc, a Euro 100 million (U.S. $88.9 million) auto loan deal. The first of these two deals to launch will be the first consumer-oriented deal come to market under the new securitization law.