European ABS/MBS secondary market activity has picked up this week.

“It’s been a busy week this week after a quiet week last week,” says one trader. “Overall, March has been busy and month-on-month secondary spreads are a little wider, but not by much.”

The trader continues: “Everything is trading well, mainly at good levels with a generally strong tone. There’s not been much primary of late and with broader market volatility some offers have come a bit cheaper, so dealers are now getting plenty of enquiries to buy in secondary.”

However, month- and quarter-end ahead of the long holiday weekend mean that volumes are likely to drop today. There are currently no BWICs on the European ABS/MBS schedule.