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More spread tightening this year with limited supply to go around

As the market nears the end of the first quarter 2005, European volume is down by about 30 billion ($39.4 billion) when compared to year-over-year issuance volumes of 2004. Market estimates put year-to-date volumes at 27 billion, but analysts at Merrill Lynch argue that the slow-to-develop pipeline this year...

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