The refrain has been unilateral and increasingly plaintive: "The European securitization market cannot recover until one of the UK master trusts comes back to the market". With spreads having shot from around 9 basis points over Libor to triple digits last summer it is hardly a surprise that those master trust issuers were less than enthusiastic to assume the role of trailblazer. So when HBOS announced a small (£500 million) issuance from its own Permanent UK RMBS master trust in May it was both...
