The spread debate has been a favorite topic among investors and traders alike. There has been little to alleviate the tightening bias but last week's pricing on the Permanent Financing deal could signal investors' unwillingness to go down the tight path again.

Last week, Halifax PLC was marketing its ninth securitization under its Permanent Financing master trust. Credit Suisse First Boston, JPMorgan Securities and Banc of America Securities were the leads on the GBP4.18 billion ($7.3 billion) deal

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