European cash spreads continue to show signs of tightening. This indicates that investors might be stepping back into the arena.

"We observe that bids are starting to include a considerable range of asset classes," UniCredit Markets & Investment Banking traders said. "Prime Italian and Dutch RMBS as well as German RMBS are in demand [and] bids are placed at considerable sizes." Traders also noted that bids have also been placed for U.K. RMBS paper.

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