Issuance came at a relatively slow pace last week, as many participants were preoccupied with pending war with Iraq. Despite it being the second-to-last week of the first quarter, just over $11 billion of supply priced in a slow-to-develop market.

Volume was boosted by another large, global RMBS, this time $3.5 billion from the Holmes Financing trust of U.K. bank Abbey National plc. The floating-rate, U.S. dollar-denominated offering was led jointly by JPMorgan Securities and Salomon Smith Barney. The largest tranche in the transaction, the indicative $1.25 billion of 2.8-year 2A notes priced at 15 basis points over three-month Libor.

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