At least five Spanish residential mortgage-backed securitizations totalling roughly E3.5 billion are scheduled to be priced over the next two months. Currently, Spanish RMBS paper is trading at 27 basis points over three month EURIBOR, which is considered pricey, because Italian and Dutch paper trades at about 28-29 over. One analyst notes the expected flood of issuance may cause spreads to widen out.
Bankinter is due this month with its sixth securitization, which will be about E1 billion. The bank lead-managed its last deal, which was priced last December. Repeated calls to Jose Enrique Renedo at Bankinter in Madrid were not returned. Another deal due this month is a club deal from a trio of banks--Cajamar, Credifimo and Caja El Monte--for E532 million. That deal's lead manager could not be learned. The last Spanish club deal, TDA-15, was managed by EBN Banco.
There is also E1.3 billion deal from Union de Creditos Immobiliarios set for June, say market watchers. That deal will probably be lead managed by BNP Paribas, UCI's parent company. Caixa d'Estalvis de Catalunya is in the process of mandating its next deal Hipocat 6, say bankers. Hipocat 5 was E696 million. Another deal that has been expected for sometime is Ayt Genova Hipotecario, a E750 million securitization of Spanish mortgages by Barclays Bank. That deal is being handled by Barclays Capital.
