Over 90% of the European market is trading at distressed levels and senior bonds still rated triple-A sit squarely in this category, said a panelist speaking at the European Securitization Forum/Information Management Network Global ABS conference today.

The European market is currently divided into two distressed debt situations. The first is where the underlying collateral is fundamentally sound but trading in a distressed market environment. The second is where the underlying is running into difficulties associated with the sponsors falling into problems as seen in the commercial real estate area.

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