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Supply still adding little pressure to European spreads Volumes in 1H of November exceed entire November 2002

HBOS upsized its jumbo RMBS issue, Permanent Financing, last week, increasing the amount of sterling paper and U.S paper available (see related story, p. 10). The deal was upsized by GBP1 billion (US$ 1.6 billion) to GBP4.5 billion (US$7.5 billion).

Despite its size, the deal priced in line with...

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