With the lack of substantial February volume, deals priced well within initial guidance. Many were oversubscribed and revised to reflect the strong investor demand. The healthy March pipeline continues to grow and may offer buyers some respite from the U.K. RMBS dominated theme, as well as some insight into how CMBS levels are beginning to shape up this year. Pricing levels should hold through the month.

Guidance was released on HBO's GBP4.5 billion (US$8.37 billion) Permanent Financing RMBS master trust deal, which was expected to price on Friday. Market conditions will likely cause the deal to be upsized much like prior RMBS paper that has come to market since the beginning of this year, market sources said. Citigroup and UBS are bookrunners on all tranches with Morgan Stanley as joint-book manager on the triple-A notes.

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