May issuance in the European ABS market saw volumes predominately led by RMBS paper, making up about 80% of supply this month. But despite a slower May calendar that has seen volume uptake primarily supported by the giant 5.4 billion (US$6.6 billion) Granite deal, year-to-date volumes have already reached 91 billion (US$111.6 billion). That level is nearly 20 billion (US$24.5 billion) more than volumes recorded at the same time last year.

Last week's activity was once again dominated by a dose of RMBS supply that saw investors take in pieces of the large repertoire of Dutch deals marketing throughout the week. Dealers tested the market's inner limits on Storm 2004 BV's A class, bringing in guidance to 14 basis points over three-month Libor - levels typically reserved for U.K. master trusts - before the week began.

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