The new issue market in Europe continued to see more primary supply build giving way to optimism that Europe maybe experiencing a securitization market revival.

According to market reports, FCE Bank has mandated Barclays Capital, Deutsche Bank and HSBC as Joint Leads for its upcoming EUR 460.8 million ($670mn) GLOBALDRIVE 2011-A German Auto ABS transaction.  The class A, EUR 432mn, triple-A rate tranche is being offered with a 1.98 year maturity; and  the class B, EUR 28.8mn, double-A tranche is offered with a 3.81 year maturity. The structure will be placed via the public market.

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