European securitization activity picked up after the Easter bank holiday lull when deal flow tapered off in April.

Among the new paper to hit the pipeline is a new German auto ABS deal from Volkswagen. The €714.4 million ($1.2 billion) securitization will be issued under the Driver series, offering investors €690 million of triple-A floating rate notes. An added €24.4 million subordinated tranche is also being marketed under the Driver 9 program.

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