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Portuguese Bank Preps Follow-Up RMBS

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Banco Commercial Portugues is in the process of mandating its next residential mortgage-backed securitization, according to London-based bankers who have been asked for proposals. A final decision has not yet been taken on which bank will lead the E1 billion Magellan II deal, but should be crystalized in the coming weeks. A spokesman at BCP in Lisbon would only say that BCP will continue with its securitization program and that nothing has been settled for a new deal.

BCP has brought five securitizations to market. The bank has brought three transactions securitizing personal loans through its NOVA vehicle, one leasing deal and one RMBS. In 2001, BCP launched Portugal's first RMBS deal. That E1 billion deal was brought to market by ABN AMRO.

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