Fitch Ratings projected on Thursday that structured finance issuance in Europe would, in the aggregate, stay flat in 2013 from 2012.

But there is a silver lining: the mix of investor-placed deals versus retained ones should keep shifting towards the former. Originators that "retain" their deals are typically banks seeking to use them as collateral against funding from the European Central Bank. They are a symptom of a market that is not fully functional.

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