The new Dutch 2 billion ($2.5 billion) prime RMBS for Obvion was part of the new issue line-up last week, raising the near-term visible pipeline to 22.7 billion. But even with the January pipeline building more quickly than it has in previous years, the market remained relatively quiet in the third week of the year, defying market expectations for a busier January.

Where the market stands in terms of pricing is yet to be determined. All eyes are on Northern Rock's Granite 2007-1 benchmark issue. So far, the U.K. RMBS deal is generously talked straight through its capital structure - early indications are seeing all of the tranches talked at levels achieved in November of last year, with some pieces talked slightly inside those levels.

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