European primary issuance reached EURO70.2 billion year-to-date last week, with four new issues pricing before the traditional lull of August holidays. For the first time in a stretch, deals are pricing wider than initial price talk as investors look for higher returns than those offered earlier in the year, sources said.

Fiat's ABS transaction priced its triple-A rated notes at 20 basis points over Treasurys and its single-As at 50 basis points over Euribor - two and six basis points wider, respectively, than the previous FCC Auto ABS Compartiment 2002-1. The deal was co-managed by HSBC and JPMorgan Securities.

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