A significant surge in the Canadian ABS public-term market has catapulted year-to-date issuance to C$4.6 billion from C$300 million for the same period last year. On the heels of deals that are expected to close this week - an $820 million offering by Genesis Trust and a transaction from Honda Auto Receivables Trust (HART) - market observers predict a healthy year for Canadian public ABS.

"We are seeing a great rush to the public market which I expect will lead to increased growth in Canadian term issuance as compared to last year," said Martin Fingerhut, a partner at Blake, Cassels & Graydon LLP's Toronto office. "Issuers that have accessed the asset-backed commercial paper market in the past are now filing prospectuses for the purpose of issuing term debt in Canada's public capital market."

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