At the start of last week, volumes in the Euro ABS market for June stood at approximately E7.4 billion (US$8.4 billion). Several more transactions were expected to price before the end of the month. By press time, at least a further E3 billion (US$3.4 billion) of paper had priced, bringing June volume into the E11 billion range.

According to market sources, despite the surge in volumes, market spreads continue to hold, but the more complex structures are finding longer waiting periods to get their deals priced. Among the busy pricing schedule this week was Ford Credit Europe's German Auto ABS transaction, Globaldrive BV series F. The E350 million (US$400 million) transaction marks the first captive auto deal of the year. The class A notes priced at the tighter end of talk at 27 basis points over Euribor. The class A notes from the Globaldrive series E transaction that priced at the end of last year came at a wider 45 basis points.

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