Last week kicked off with at least E2 billion (US$2.3 billion) of funded notes circulating the market, so there's plenty of paper still left to price by the end of this month. In keeping with the revival of ABS paper, more corporate paper crams into the already backed-up 2003 pipeline.

Included in the pipeline is the GBP400 million (US$676 million) U.K. insurance policy securitizations marketing for Barclays Life Assurance Co. - only the second time a deal like this has been launched since the 1998 inaugural Mutual Securitization deal (see ASR 7/1) from National Provident Institution (NPI). The deal is being issued through Barclays Capital. Market sources indicated that the deal has been restructured as a GBP400 million, 2.6-year triple-A tranche wrapped by AMBAC. The deal was originally offered in two parts: a GBP75 million (US$127 million) triple-A with a 0.5-year average maturity, plus a GBP325 million (US$550 million) 2.6-year triple-A class.

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