The markets stopped the day the World Trade Center fell and while many try their best to return to some measure of normalcy, the apparent lack of issues in what should have otherwise been a robust September pipeline reflects the inevitable impact the attacks will have on volumes going forward.

Among the displaced issues that planned to debut deals this month is Northern Rock Plc's Granite Mortgages, led by Schroder Solomon Smith Barney. Plans for launching the GBP1 billion mortgage-backed bond last week took a back seat to the WTC attacks. The AAA-rated piece is being marketed with price talks at 22 basis points over the three month Libor. Its double-A-rated tranche is marketed at talks of 42 basis points and it triple-B piece comes at talks of 135 to 140 basis points. Its class S2-A piece is marketed with price talks at 24 to 25 basis points and its S2-B has price talks at 42 basis points.

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