Though new asset classes are emerging, the Spanish securitization market's strong pace is still attributable to the tried-but-true mortgage-backed securities market.

The Spanish mortgage market is counted as one of the oldest in the European market. According to a Deutsche Bank report, Spanish MBS stands out because of performance-related upgrades. For example, Moody's Investors Service recently raised its ratings on the following: Hipotebansa III and IV; and U.C.I. 2 and 3. The class B mezzanine mortgaged-backed floating rate notes were upgraded to double-A from single-A.

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