January's optimism has faded throughout February as activity across the European securitisation secondary market has slowed.

"There's not a great deal going on with a combination of factors such as a busy primary, holidays, Vegas and some bad weather keeping things pretty quiet," says one trader. "However, we have seen a couple of bid lists recently, which appear to have traded pretty well and there are some indications of improving off-BWIC activity."

The market has also been hit by macro volatility, but the trader suggests impact has been limited. "The jolt at the beginning of the month put us on warning. At the time, higher beta ABS/MBS widened significantly, but has since come back and recouped most of its losses. Meanwhile, CLOs, particularly single-As to triple-Bs, are softer but it's nothing drastic."

There are currently no BWICs on the European securitisation secondary market schedule for today.