It was business as usual last week in Europe as volumes edged past the E12 billion (US$13.7 billion) mark. By press time several new deals priced and new paper began marketing as well.

According to reports, at least E8 billion (US$9.1) is expected to launch in the near-term calendar that will be largely dominated by Dutch paper. However, the flood in issuance could begin to put a strain on pricing. According to Merrill Lynch, Dutch RMBS spreads have widened slightly and spreads for triple-A Spanish paper have pushed out five basis points wider than Portuguese

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