Spanish securitization manager Titulizacion de Activos (TDA) issued its eleventh securitization of Spanish mortgages at the end of January, via bookrunners Dresdner Kleinwort Benson, Credit Agricole Indosuez and EBN Banco.

The deal was for a total of E660.6 million and was split into four tranches: a E79.3 piece with an expected average life of one year; a three-year bullet worth E118.9 million; and a E436 million tranche with a expected average life of 6.5 years. All were rated Aaa by Moody's Investors Services. The subordinated tranche, rated A2, totaled E26.4 million.

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