A starker illustration of how things have changed in the ABS market would be hard to find. In late May, UK bank HBOS made public details of a £500 million single-tranche, triple-A rated issue from its Permanent UK RMBS master trust – a deal that was seized upon by the market as a sign that the worst was over. Before last summer, HBOS was routinely issuing multi-billion sterling Permanent trades and paying about eight to nine basis points for triple-A paper.
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