The European primary market remained as slow as ever last week. Deals continue to be originated for central bank repo collateral, and there is no indication of when primary market activity will pick up again, market analysts said.

Almost all of the 83 billion ($130.4 billion) of assets structured over the month of June was retained by banks for the purpose of the European Central Bank's (ECB) refinancing operation. U.K. lenders led the way with Royal Bank of Scotland issuing an RMBS deal sized at GBP16.8 billion ($33.2 billion).

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