A report by Dealogic reported that global ABS volume increased 12% to $72.9 billion in 2011 year-to-date, up from $65.4 billion in 2010 year-to-date. This was the first year-on-year volume boost for ABS since 2007.
Average ABS deal size also increased to a three-year high of $450 million. However, deal count decreased by 26 to 162 in 2011 year-to-date from 188 in 2010 year-to-date.
The current year-to-date total of $72.9 billion is on pace with the $72.3 billion amassed over the same period last year.
Dealogic also found that while the U.S. still represents the majority of the ABS volume at 61%, it is down 10 % from 2010 year-to-date and 13% from 2009 year-to-date. Conversely, the U.K. increased their market share by 4% to a total of 8%.
Recent deals in the U.S. ABS market include an $825 million SLM Private Education Loan Trust transaction, which priced last week, and a Satander Drive Auto Receivables Trust transaction worth $750 million, which is expected to price this coming week.
The report stated that Bank of America Merrill Lynch is the largest bookrunner in the global ABS market in 2011 year-to-date with a 12.3% share.