Spread tightening continues in the European ABS secondary market. Dutch paper has come in the most, followed by Italian.

At present, Dutch triple-A RMBS with a five-year average life trades at 75 to 80 basis points, while better-quality Italian RMBS five-year paper is trading at 120 basis points. Italian RMBS five-year paper with average pool quality is trading at 135 basis points.

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