Jrg Dresen, head of fixed income for AXA Colonia Asset Management in Germany, is a relatively new convert to the world of securitization, having only started to buy asset-backed deals towards the end of 1998. But in that time he has certainly been won over to the charms - and the yield pick-up - of mortgage- and asset-backed deals.

AXA Colonia is the German arm of AXA Investment Management, the fund management operation of France's AXA insurance outfit. In Germany alone the company has E35 billion under management (of which around E22 billion is made up of debt deals) and ABS is a significant and growing part of that portfolio.

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