The summer months have brought a more positive sentiment to the European securitization market. However, market sources believe that the winter could bring some discontent, adding that Europe has yet to make some lasting moves that would indicate the market's true revival.

Corporate high-yield and leveraged loans have taken a strong rally over the last month, and ABS has rallied along with these sectors. Market sources said they expect continued tightening in most European ABS sectors, although the price rally has come with no real new securitization issuance to speak of.

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