Primary issues continued to drive the European ABS market last week, pushing post-Sept. 11 volume for priced deals to 11 billion, stealing the light from a fairly quiet secondary market.

"Markets tend to be new-issue focused because investors and issuers are more comfortable with pricing," said one market participant. "They tend to view it as fair value and see the ability to dictate the size [of the issue], if need be. In Europe people look into the primary market as an indicator of how things should price in the secondary market."

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