Investors will continue to be cautious in Europe's CDO land this year. The credit deterioration that defined the first half of 2003 and the tightening collateral spreads that limited issuance for the second half of the year have produced a slightly more conservative approach to market dynamics.

"Overall the year was relatively positive for the market with a number of deals executed despite market dynamics; but we didn't get the volumes nor structures that were hoped for, and the credit and spread environment put volumes a bit off," said one market source. "I think that people are looking to this

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