After a quiet first half of the year, Sweden looks set to initiate its public securitization. Possible RMBS transactions are surfacing in the pipelines and are expected to launch before year-end.

"Most activity has been from the conduit market; it's a lot different than the activity we predicted last year," said Par Tysk at Svenska Handelsbank. "Most borrowers borrow quite cheaply from banks, but we are certain that this will change - primarily because return on equity will have to increase and corporates will increasingly find the securitization market a more attractive alternative."

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