New tights were set for Euro RMBS with last week's pricing of Dutch RMBS, Arena 2005-1 B.V. The 983 million ($1 billion) broke through the record lows set by Dutch RMBS HERME 9, which priced in early February.

The double-A and senior and single-A junior notes priced at the tightest levels seen in the market for their respective rating and tenor and came in at 13 basis points over Euribor, 15 basis points and 23 basis points, respectively. The triple-A notes priced at 9 basis points, 1 basis points inside the triple-A's in the HERME structure.

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