Through the first week of March, ABS volume in the international market is about 17 billion ahead of last year's pace, by most estimates, with year-to-date issuance at approximately 41.4 billion (US$50.5 billion). The mountain of supply, however, has done little to satisfy demand, as the expanding investor base continues to fuel this year's tightening trend, analysts said.

HBOS finally priced its massive 9 billion (US$10.9 billion) Permanent Financing No. 4 deal at tighter levels than last month's Granite 2004-1 RMBS deal. In fact, Permanent saw the tightest levels for master trust paper so far this year. And, like Granite, Permanent was significantly upsized yet still oversubscribed.

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