The issue of whether Greece will or will not default has yet to be put to rest. However, the securitization market proved its resiliency in the face of uncertainty as it opened up primary flow last month with a small bang.

Benchmark issuer Volkswagen Leasing came to market with VCL 14, pricing shorter than two-year weighted average life. The deal had triple-A and single-A bonds that cleared at 65 basis points and 150 basis points over Libor, respectively.

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