There were transactions worth 20.6 billion ($27.5 billion) circulating in the primary market last week. However, the volume in the European primary pipeline might have been misleading.

Commerzbank analysts said in a report that many of these deals' tranches were either pre-placed or retained. Such was the case for SME CLO Smile's triple-As where 4.5 billion was retained. The same held for CMBS EPIC Culzean's senior triple-A notes and triple-B notes, which were pre-placed. Most of U.K. RMBS Permanent 2007-1's sterling tranches and half of the three-year dollar denominated triple-As were also pre-placed.

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