The typically slow start to the year was replaced instead by rocketing RMBS activity in Europe. While the pipeline remained relatively stagnant during the first week of February, industry sources were already counting on a variety of deals expected to make their way into the lineup over the coming weeks.

According to industry data, European volume in January reached over 17 billion (US$21.4 billion), almost double the volume recorded this time last year. Over half of the activity was packaged in two deals - an RMBS master trust deal and an Italian government deal.

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