Debt Rattle, February 18 2008

�Horrible� fall-out scenario preoccupies market Credit market participants took a shellshocked pause on Monday, with the spectre of more structured product unwinds hanging heavily over the market. Trade was thin in Europe, but spreads did not recede far from the record wides reached on Friday, when again the talk was that structured products � synthetic CDOs or CPDOs � were being liquidated.�If