Diversifying an international RMBS portfolio generally entails investors chomping down on a plethora of U.K. and Dutch transactions. However, analysts suggest that in the face of a harsh global slowdown, a Spanish RMBS just may be the morsel investors enjoy the most.

Boasting very high quality paper that may provide a safe haven for spooked international investors, Spanish banks are increasingly trying to break the traditional Spanish RMBS mold by tapping global ABS markets. Bankinter SA is currently in the market with a 1.322 billion deal, backed by a pool of 20,000 residential mortgages. Bankinter 3 Fondo de Titulizacin Hipotecaria will place internationally and marks the third transaction from the firm.

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