Issuance from Spain promises to surge in the coming weeks, perhaps doubling following a bulging lineup of RMBS issues. As usual, the market spectacle is not limited to one country. Portugal, the U.K. and the Netherlands were among the many countries marketing transactions last week.
The first of the long repertoire of Spanish RMBS deals to emerge was the $911.7 million equivalent AyT Genova Hipotecario II F.T.H, a follow-up to last year's privately placed deal. Barclays Bank S.A. is issuing the deal that is managed by Barclays Capital. The transaction carries $884 million equivalent of triple-A rated notes with a 6.14 average life as well as $27.3 million equivalent of single A rated notes with a 10.10 average maturity.