There was little variation in the pricing scenario last week, as both the European primary and secondary ABS markets quieted down. Spreads held firm and market sources expect activity to resume on the same note after the break.

The market even saw some spread tightening for higher-yielding deals like subprime RMBS, said sources. However, investors might find relative value in some of the CMBS paper that's hit the block over the past few weeks. The Singapore Silver Loft transaction priced its five-year triple-A rated tranche at 45 basis points over Euribor. This compares to the Windmere III transaction, which priced on March 10, with a 4.5-year triple-A class at 26 over three-month Euribor, 19 basis points tighter.

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