Spanish participation in the European ABS market has been relatively limited this year, with Italy grabbing most of the headlines. However, two names that are in the pipeline are Titulizacion de Activos (TdA) and Union de Creditos Immobiliarios (UCI).

TdA, a seasoned issuer in the Spanish RMBS market, is preparing TdA-14. It will be around EURO600 million in size and will be led by CAI and EBN. TdA was established in 1992 to provide Spanish institutions with access to the benefits of securitisation.

BNP Paribas and BSCH will team up to bring UCI-7, a EURO500 million RMBS. UCIs last visit to the RMBS market was in June 2000 with the sixth in the series. UCI-6 was EURO460 million in size, encompassing personal loans as a top-up on the mortgages.

Both deals are expected to surface prior to the start of the summer period.

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