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.

According to Dresdner Kleinwort Wasserstein, the deal is due to be followed by a string of deals that will include a UCI-9, Bankiter 6, 16 Mixto and a AyT12. "Issuance from Spain has been moderate so far at just ($4.1 billion equivalent)," said analysts. "This influx of RMBS would more than double Spain's 2003YTD total and could put pressure on spreads."

Neighboring country Portugal is back with another consumer-related deal emerging from the auto sector. The $296.5 million equivalent securitization of lease contracts and credit contracts on new and used cars is the second deal to emerge under the Silk Finance name. Interestingly, this deal follows the new securitization law, said sources. Silk Finance No 2 is managed by ABN Amro and will include three tranches: $259 million equivalent of triple-A notes, $22 million equivalent of single-A notes and $16 million equivalent of triple-B notes. The paper is short-dated at 1.4 year average maturity for the class A notes; 3.3 years and 3.4 for the class B and C notes, respectively.

Netherlands-based RMBS deals keep bringing in new issues. Another over the $1 billion deal threshold began marketing last week. Dutch Mortgage Portfolio, a $1.14 billion securitization originated by Achema Hypotheebank, will issue four tranches co-managed by ABN Amro and Deutsche Bank. The class A notes will offer $110.5 million equivalent of triple-A notes with a 6.6 year average maturity. The B notes are structured with $19.3 million equivalent of single-A rated paper; the class C notes offer $14.8 million of triple B rated paper and the class D offers $5.6 million equivalent of double-B rated paper.

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