Though corporate woes continue to pressure spreads wider, it's done little to contract the primary issuance pipeline, dealers seem determined stay on the radar - approximately 15 billion ($19.3 billion) of new issuance was actively marketing last week despite the General Motors Corp./Ford Motor Co. shake up the week before. Some of the ABS heavy hitters were ready to swing away as early as the beginning of the week.

Northern Rock said it planed to move ahead with its GBP3.75 billion ($7.15 billion) multi-currency RMBS via its Granite master trust and HBOs is expected to bring its securitization shortly that should offer investors an equally sizable chunk of RMBS paper. Even GMAC-RFC began marketing a new transaction that will offer investors access to German mortgage loans via a true-sale structure.

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