The European securitization market looks set to keep on the same track it traveled throughout 2008. Government-sponsored programs are at the forefront of primary activity going into 2009.

Until the market overhang dissipates and pricing issues are addressed, it's unlikely that the primary market will see any real activity, market sources said. Throughout the year, the central banks have made moves to accept a wider range of products as collateral to fund banks' balance sheets holdings.

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