Euro Mart Sees Primary Mart Lull
http://www.totalsecuritization.com
20 Jun 2011
Hugh Leask
New issuance in Europe's primary asset-backed securities sector shuddered to a halt over the last week, with just a handful of new deals hitting screens. All emerged from Spain and are set to be retained by issuers. The light primary volumes are being attributed to last week's Global ABS event in Brussels, according to analysts at Citigroup in London. The deals bring the total issuance volume for European securitization as of June 16 near to EUR161.7 billion ($229.9 billion).
Spain's BBVA launched a EUR1.6 billion ($2.27 billion) prime residential mortgage-backed trade, RMBS 10 FTA. The deal is backed with a pool of Spanish home loans, which boasts a high loan-to-value ratio of around 88%.
Banco Popular is set to price and retain a Spanish lease ABS trade, IM Grupo Banco Popular Leasing 2. The deal securitizes about EUR 1.5 billion ($2.13 billion) of lease contracts made to Spanish small-to-medium enterprises and self-employed contractors. Santander meanwhile launched and retained the EUR1.1 billion ($1.56 billion) FTA Santander Financiacion 5, which is backed with a pool of consumer loans made to borrowers across Spain.
Officials at the firms involved could not be reached immediately for comment.
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