February issuance should fall behind the record-setting 15 billion (US$19 billion) in pricings during January this year, but this is no signal of an overall slowdown. Reports show that more than 10 billion (US$12.7 billion) is already expected for the debut of March.

Year-to-date funded issuance this year has reached 24 billion (US$30.52 billion), more than 12 billion (US$15.26 billion) higher than figures recorded last year. The U.K. is still in the lead, topping volumes with a series of hefty master trust issues that continue to pressure spreads in; Italy retains its second-place spot with a total of 6.47 billion (US$8.22 billion) issued so far this year.

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