U.S. market disruptions have put a damper on the good times Europe has been enjoying until now. While the European market is generally optimistic, the pressure on spreads at the mezzanine level continues to remind players of the world beyond.

The U.S. ABX and single-name credit default swap market continued to feel the pinch from further deterioration in subprime collateral performance and the continued selloff there, which remained unabated over the past week.

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