It used to be that European credit card securitization deals offered investors some respite from their riskier U.S. counterparts. The lower charge-off rates for European portfolios driven by mostly prime collateral stacked up well when compared to the U.S. portfolio mix of prime and nonprime collateral.

However, the landscape has shifted and market players say that, almost in a reversal of fortunes, U.S. paper now looks less risky than European deals.

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