With no crystal ball to guide them, market players are finding it harder to predict how 2007's unprecedented liquidity crunch might affect future European CDO performance.

Total European CDO volumes for 2007 are up from 2006 totals. The growth comes primarily from the more prolific first half of 07. According to figures reported by Merrill Lynch, the first half saw issuance up 102% from total volumes seen over the same period in 2006. At 59.8 billion ($87.7 billion), CDO issuance for 1H07 was slightly more than two-thirds of 2006 total volume.

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