While RMBS and traditionally structured CDOs have historically driven the Spanish securitization market, times are changing, industry sources said, as the horizon holds new structures and innovations.

According to figures reported by Dresdner Kleinwort Wasserstein, Spain accounts for 7% of European ABS issuance to date, which translates into roughly E5.9 billion of publicly placed issuance - almost twice the E3.5 billion recorded in 2001. Virtually all issuance in 2002 has been floating rate and euro-based, with RMBS and balance-sheet CDOs emerging as the dominant asset classes.

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