Over E7 billion worth of ABS has already priced in May, and it's likely that the market will sustain this momentum up until the Barcelona ABS conference that starts the first week of June.
Counted among the new issues last week was a $257.11 million equivalent Austrian-based auto lease securitization called Edelweiss Auto Funding. It is from the second biggest leasing lender in Austria - a subsidiary of Erste Bank. The Edelweiss transaction consisted of $246.8 million equivalent triple-A rated notes that priced at 32 basis points over the three-month Euribor, as well as $10.2 million in single-A rated notes that priced at 61 basis points over. So far this year, there has been only one other auto deal, but the market looks set to absorb the $409 million equivalent Athlon Securitisation, a Netherlands-based deal, before the June conference.