Germany enters August with the promise of a broader securitization market, thanks to recent changes made to its true-sale legislation but market pundits still wonder if the law will be enough to seriously impact German securitization volumes.

"The German securitization market has had the reputation of being over-estimated for the last five years running," said one market source. "It's catching up but it is still far away from having a liquid true-sale market like the U.K." German structured financing has produced about 53 billion ($65 billion) outstanding ABCP, about 1 billion public and mortgage covered bonds, according to Standard & Poor's, as well as a public term segment in which an estimated 130 billion) of synthetic risk has been transferred.

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