This month, Fitch Ratings published its first edition of the European ABCP Papertrail, highlighting the significant growth of European commercial paper. The numbers are not entirely surprising, and they remain largely in line with market expectation reported late last year (see ASR 10/28/02).

"Many new entrants are still looking to the ECP market for funding," reported Diana Turner at Fitch. "At the end of May 2003, the asset-backed ECP market had reached US$72.93 billion, more than double the US$35.88 billion seen in the same period last year."

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