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Spanish growth backs up Europe's securitization trend

The Spanish securitization market has grown by over a quarter in issuance volume in the first half of 2003. And with the number of deals remaining constant, this indicates that the average transaction size has increased, according to Moody's, the ratings agency.

A total of 13 public deals accounted for issuance volumes of €13.5 billion ($14.6 billion) for the first six months of 2003. The same period last year saw issuance volume stand at €9.9 billion, with the same number of deals.

Moody's predicts a greater diversification in asset type and continued growth for the second half of 2003.

Sandie Fernandez, a Moody's analyst, explains: "So far this year, Spain's structured finance market has continued to be dominated by two asset classes - residential mortgage backed securities and structured mortgage bonds - but also witnessed a sizeable increase in the issuance volumes of asset backed securities."

Other asset types to emerge will include commercial mortgage backed securities and a combination of residential mortgages combined with other mortgage loans.

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