The Whistlejacket bid list traded at tighter levels than prevailing secondary market spreads for structured finance securities. This might be a sign that liquidity and investor interest in the sector is improving, Fitch Ratings said today.

As a result, secondary market prices may begin to place a greater weight on credit risk fundamentals, compared with liquidity concerns, general negative sentiment and other price determinants. The latter three have dominated market prices for most European structured finance securities since the global credit crisis began in July 2007.

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