While long term ABS has yet to become a favored financing mechanism by European telecoms, these companies are increasingly looking toward the ABCP market for funding.

Wind Spa, an Italian phone company, is currently lining up a E400 million facility of billed and unbilled receivables to be sold in October into Credit Agricole's Hexagon funding conduit. In June France Telecom sold over E400 million in to this same conduit.

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