The European securitization pipeline has established a pattern of rotating in new deals as quickly as existing supply prices. Sources estimate that at least four to six deals have been pricing per week, and the first two months of 2003 have quickly outpaced activity recorded last year.

"MBS dominates with 66% of volume from nearly every jurisdiction - the U.K., Italy, the Netherlands, Spain and Portugal," reported Merrill Lynch. This time last year, one of the prominent features of the market was activity in the funded tranches of CDOs; this year has seen only three such transactions price, but analysts at Merrill Lynch say there's good value to be found in this out-of-favor asset class.

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