Though six new deals have priced in the European securitization market so far this month, the pipeline is still robust, maintaining the strong momentum already seen this year. With a E6 billion transaction looming and several Italian issues marketing as well, the primary market continues to dominate February activity.

According to market sources, unofficial price guidance emerged for the E6 billion deal from the Permanent Financing (HBOs) Master Trust structure. It's the second transaction to emerge in the series and is co-managed by JP Morgan Securities, Lehman Brothers, Deutsche Bank and Credit Suisse First Boston. Sources at Royal Bank of Scotland said unofficial talk suggests pricing levels will be in line with the Granite 2003-1 deal, which priced earlier this month.

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