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March started very quietly on the European asset-backed securities secondary market. Globally, spreads have been tightening slightly and most cash prices have been improving.
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Throughout February, the Markit CMBX indices continued to improve at the AAA level, while the lower tranches of the index continued to decline in price.
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The European asset-backed securities market has had limited trading activity over the past fortnight. This week has seen a mild pickup in activity in ABS with various trades including commercial mortgage-backed securities, Granite AAA and mezzanine and PERMM.
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Most of the movement in the Markit Structured Finance Indices this month occurred in the CMBX and TRX.NA indices.
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The most liquid sectors of the European asset-backed securities market widened slightly over the past two weeks.
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The Structured finance indices stabilized going into February, with noticeable recoveries in the both the CMBX and TRX.NA indices.
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The European cash asset-backed securities levels for the past fortnight initially rallied albeit at a slower pace than the first half of January.
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As the holidays and year-end approached, Markit ABX.HE prices remained fairly stable across the entire series.
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European cash asset-backed securities levels remained stable through the end of 2009. Many investors were waiting to see how 2010 would start before taking action.
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The outlook going into year-end has been positive, as indicated by movements in the asset-backed securities and credit default swaps markets.