The European asset-backed commercial paper market ended on a high note, as a final thunder of issuance rocked the last five months of the year. Moody's Investors Service has given a positive outlook for the sector going forward.
For the third consecutive year, the European ABCP market experienced significant swelling with volumes reaching $136 billion. Counted within this figure were six new conduits: Premier Cru sponsored by ABN AMRO; Arabella sponsored by Hypovereinsbank; Altitude Funding Ltd/LLC sponsored by CDX Ixix Capital Market; Eurefin sponsored by Gerling; Quasar sponsored by KBC; and Solitaire sponsored by HSBC. And though the number of new conduits is below figures for 2000, last year's deal size trended upward.