Canada has burst into the structured finance scene full force with year-to-date issuance levels that have knocked last year's levels off the radar.

In 2004, a total of $11.4 billion was issued. However, this year, through the end of May, the Canadian ABS market has already seen $11.9 billion. While some analysts believe the cause for the sudden increase falls in the realm of the credit card sector, others argue that the auto sector and CDO market are the driving forces.

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