Quarter-end results show European securitization volumes of deals backed by small tickets and consumer finance increasing by 21% from first quarter volume in 2001. Volumes have soared to $2.3 billion compared to last year's $1.9 billion, and while the number of issues has actually decreased by one, analysts said this clearly exhibits a trend towards larger scale transactions in order to satiate the growing investor demand for primary issuance.

Suprisingly, the leader of the pack so far this year is Germany. According to Standard & Poor's the German securitization market has nearly quadrupled in the first quarter of 2002 and recorded $8.42 billion compared with the $2.16 billion recorded this time last year. On the leasing and consumer finance end the country recorded volumes at $1.6 billion compared to last year's $0.7 million. Of the two deals issued this year, both were backed by auto-loan receivables.

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