BARCELONA - Though clearly the Global ABS conference in Barcelona was primarily focused on the European markets, a few panels were addressing the state of U.S. ABS - which, from a volume perspective at the very least, is far exceeding expectations from late last year.

"I'm not sure that people thought 2003 volume would be as high as 2002 volume, but I think it's going to be significantly higher," said Joe Donovan of Credit Suisse First Boston.

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