European issuers priced the first publicly syndicated securitization since the market virtually came to a standstill last summer. But despite some encouraging signs of interest from the buyside, some say, the relatively small-size issue won't be enough to give the market a good sense of where pricing stands in the aftermath of the subprime debacle.

There has been little printed in Europe since the end of July, with most activity either reserved for private placements or bonds printed and retained by issuers. According to Deutsche Bank, primary issuance volume during October tallied up to around GBP16 billion ($23.07 billion) with most of it, excluding GBP700 million, being retained or fully preplaced. That's quite a different story from the GBP74 billion printed this time last year.

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