Whenever the capital markets - or any other market, for that matter - experiences extreme booms and busts, there is usually talk of an overarching repricing of its products.

Deutsche Bank in a report released March 2 bluntly said: "We are in the midst of a landmark event in structured credit trading," analysts wrote. "The repricing of risk has occurred rapidly and the market has and will feel the effects of tighter underwriting standards, tighter financing covenants and higher loss assumptions."

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