What opinion do you hold that is most against the grain of analysis elsewhere?
Ever-improving secondary liquidity. While we agree that the European securitisation market will continue to benefit (gradually) from deeper secondary markets, we are well aware that many new SIVs, conduits and CDO funds are being set up. These are by definition ‘buy-and-hold’ investors, and therefore are likely to hinder, rather than fuel, secondary ABS liquidity in Europe. We are thus, arguably, not as bul