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The corporate bond market's floodgates opened this week and about Eu5.5bn of new deals gushed into the primary market from seven different issuers.

The corporate bond market's floodgates opened this week and about Eu5.5bn of new deals gushed into the primary market from seven different issuers.

Merrill Lynch has provided a Z600m ($184m) warehouse financing facility to Dominet Bank, secured on a revolving portfolio of auto loans. The deal, likely to be refinanced at some point early next year with a term ABS, is thought to be the first securitisation of the asset class in Poland.

Deutsche Bank this week priced the largest conduit CMBS to reach the market, a Eu1.55bn securitisation of 10 loans secured on 499 properties in Germany, Netherlands and Switzerland, setting a bullish tone to the CMBS market ahead of a busy few months.

Further deterioration in the car sector and the recent bankruptcy of Dana came to bear on the international CDO market, prompting dramatic rating actions on selected CDO squared transactions.

Bankinter this week launched its twelfth RMBS in a deal partly driven by reverse enquiries. As a result a portion of Bankinter 12, Fondo de TitulizaciÛn Hipotecaria, was preplaced and a limited amount of paper publicly marketed.

A continued surge in super senior CDO hedging this week caused further swings in the tranche market, driving spreads on mezzanine and equity tranches at different maturities in divergent directions.

GMAC-RFC is planning to come to the market with the first deal from its recently established shelf programme, RMAC Securities No 1 Plc Series 2006-NS1, which will be led by Deutsche Bank, Morgan Stanley and RBS, will offer £1bn of UK non-conforming mortgages across five classes of notes, rated from triple-A to triple-B. RMAC Securities No 1 Plc is a multi-issuance vehicle using MTN technology, similar to ABN Amro's recently launched European Mortgage Securities BV programme in the Netherlands. The vehicle will be able to issue additional series under the existing base offering circular, by providing supplements describing the series. The programme reduces the time and costs of issuance, enabling smaller transactions to be launched. Assets for each series will be legally ringfenced from each other, with separate bank accounts, account servicing contracts and book-keeping and ledger systems.

Paragon Mortgages Ltd has launched its twelfth securitisation of buy-to-let mortgages, achieving extremely tight spreads amid a relative dearth of competing mortgage backed issuance. Paragon Mortgages No 11 Plc, led by RBS, Deutsche Bank and JP Morgan, offered £1bn of buy-to-let mortgages across four tranches in dollars, euros and sterling. Like the previous Paragon transaction, the deal included an 'A1' short-dated remarketable 2a7 dollar tranche.

Arbitrage CLO issuance continued full tilt this week, as seasoned asset manager Alcentra and debut issuer Investec came to market.