It's still to early in the game to determine what, if any, impact the merger of Abbey National and Santander Central Hispano will have on the U.K. bank's hefty securitization program. Preliminary deal terms, at least, seem unlikely to trip ratings triggers, market sources said last week.

Between the two houses, at least eight securitization programs are counted, including Abbey's popular Holmes Funding and Financing series, and its Marylebone Road CBO. From the Spanish side, Santander counts Hipotebansa RMBS series, Santander Hipotecario 1, Consumo Santander 1, Hesperic No.1 and FTPYME Santander 1 in its repertoire of securitization offerings.

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