remember..., page-5

that is b.s . The offer will occur, the market has had rumours flying that it had already been priced - hence the 53bp talk - and RHG wanted to correct this perception. (when an issue has been priced then both parties are locked in and it is as good as issued).

MBL got away a $500m RMBS issue over a week ago; rams will get this away and after the 1st issue each subsequent one becomes much easier as a max benchmark has been set. As credit mkts continue to recover subsequent issues will be larger and at lower spreads for the Aaa rated securities.