The market looks ready to go for another year-end dash that may send volumes soaring compared with 2001 totals. Market sources estimate that at least US$45 billion (equivalent) of issuance should come to market by December, noting that there may be more transactions lurking on the sidelines that could potentially push that number even higher.

Despite the difficult months that have passed, which still leave unresolved regulatory issues like accounting regulations and Eurostat's decision to redefine what government assets are eligible for off-balance-sheet financing, European securitizations continue to be an important source of financing.

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