While the summer nights of 2004 may be cooler than last year's record-breaking highs, the securitization market continues cranking up the heat. Merrill Lynch is seeing around 40 deals in the pipeline, and the firm estimates volume will reach the 150 billion (US$182.4 billion) mark before the summer respite.

Notably, the triple-A tightening trend seems be reversing on virtually all asset classes. Classes from two new-issue Spanish RMBS, for example, priced on the edge of outside guidance. On the secondary level, triple-A spreads for the Italian government real estate deal SCIP2 widened out.

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