If things feel a little slower than last year in terms of U.S. market CDO pricings, that's because they are. While the European market continues to churn out deals, the current status of the U.S. market is, in a word, sluggish.

U.S. market issuance over the first half of 2003 is down 20% from the same period last year, according to Moody's Investors Service.

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