The increased number of European banks and other originators making tender offers to buy back their structured finance issues primarily reflect these originators taking advantage of opportunities to optimize their funding profiles and capital structure, said Fitch Ratings in a report.

Banco Santander SA's this week's tender offer for 27 series of structured finance transactions, with a nominal value of €16.5 billion, was the latest in a growing trend.  Santander's tender offer is the largest to date in Europe and consists of various RMBS, consumer ABS and SME CDO securities.

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