The European primary pipeline is still, for the most part, defined by retained deals, although public placement of Unicredit HVB's SME CLO, Geldilux TS 2008-1, shows that for the right paper, investors will still pay up.

The liquidity in most of the SME CLO transactions has been absent since almost the beginning of the crisis a year ago. But, thanks to the series' strong criteria and good performance, it has enabled the issuer to place the deal publicly.

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