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macquarie bank recently raised about 500m in rmbs.

from memory it was about 1x oversubscribed and 40bp spread for AAA.

rams is the next one testing the market. i don't think rams will have a problem getting 250m for AAA, especially if the spread is greater than 50bp.

with such a small issue and so much money on the sidelines waiting to be invested, don't be surprised if both volume and price surprise on the upside.