The most significant deal in the first half of October came from U.K. mortgage lender Abbey National, which issued a jumbo GBP1 billion transaction backed by prime mortgages via its Holmes Funding vehicle.

The triple-A deal, lead managed by Salomon Smith Barney and Citibank, was Abbey's second term MBS this year and the third in total. It was split into two Euro and three Sterling-denominated tranches. Around 60% of the total was in Euros reflecting high demand in continental Europe as investors clamored for quality paper.

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