After a somewhat sluggish start to the year in terms of European issuance, the recent upsurge in activity in June and the start of July suggests that the market is finally catching up with demand. And with more deals in the pipeline, there is every chance that this could be yet another record year in terms of volume and the number of deals done.

According to recent statistics released by Merrill Lynch's ABS/MBS research team, new issuance for the first half of the year reached $37.8 billion, the same figure for the equivalent period last year. The number of deals however exceeded last year's figure of 74, increasing to 84 for the first six months.

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