In a dramatic development in the European ABS market, Credit Suisse First Boston recently moved in to snap up BNP Paribas' securitization team. Among the movers were Paribas' global head of securitization, Maartin Stegwee, and Adrian Carr, who had been in charge of its syndicate desk.

Although Paribas said that it intends to "maintain our leadership in European securitization", the defection of so many of its ABS team must have come as bitter blow and raises doubts - in the short term at least - whether it can still be such a dominant player. Last year, only Deutsche Bank arranged more European deals in terms of volume.

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