Roughly 10% of funded European ABS issuance for 2003 carried a wrap by one of the three major monolines - Ambac, FSA and MBIA, according to a report on European monocline activity by Merrill Lynch. The Association of Financial Guaranty Insurers (AFGI) said it expected these numbers to increase by about 4% for year-end totals in 2004 with significant growth opportunities in 2005.

Members of the AFGI said that the modest gain in 2004 was concentrated in the asset-backed sector - accounting for over $48 billion in insured par value. In 2005, AGFI members are predicting a significant growth in international par insured ABS.

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