Last week got off to a slow start, but dealers promised an uptick in European ABS issuance before month end. Two new deals entered the pipeline, raising the volume of new issues marketing so far this month to 19 billion ($24.6 billion).

European CLOs, slated to see strong volumes in 2007, saw another two deals added to the pipeline. Bear Stearns began showcasing Hudson CLO 1 BV, the 362.5 million European CLO for Aladdin Capital Management. The portfolio comprises euro- and sterling-denominated senior secured loans, mezzanine obligations and second lien loans and is mainly distributed in Europe with the largest geographic concentration in the U.K. Elgin Capital also began marketing its 400 million European CLO, Dalradian III, with Goldman Sachs as a bookrunner. The pool consists of euro-denominated senior and subordinated notes and 100 million variable-funding notes. The deal is expected to price this week.

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