The year-end whirlwind that brought 2001 to a close with record-breaking European ABS issues is set to pick-up again this year, with the January pipeline building in momentum.

Analysts at Dresdner Kleinwort Wasserstein are expecting a pick-up in volume and estimate European ABS supply will reach levels between EURO170 billion to EURO180 billion from the EURO131 billion volume recorded in 2001. "Issuance should easily surpass EURO100 billion on the back of rising government, auto and telecom supply," said one market source.

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