It was no tricks - just treats - as the fifth transaction of the Holmes financing series priced last week and clinched the "busiest month ever" title for October European ABS volumes, which reached over EURO19 billion.

Publicly placed transactions reached the EURO20 billion mark with 27 deals that put year issuance at EURO95 billion. And it's no surprise that Holmes, an RMBS transaction, swelled to such an extent, since the flavor of choice for post-Sept. 11 investors has been similiar safe-haven issues.

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