  This work analyses the quantum properties of counter-propagating twin beams
generated by a Mirrorless Optical Parametric Oscillator in the continuous
variable regime. Despite the lack of the filtering effect of a cavity, we show
that in the vicinity of its threshold it may generate high levels of narrowband
squeezing and Einstein-Podolsky-Rosen (EPR) correlation, completely comparable
to what can be obtained in standard optical parametric oscillators.
