Issuance of public ABS hit a whopping $74.5 billion in the 1Q01 - the largest quarter ever since the inception of the ABS market in 1985! The three major ABS types - home equity, retail and wholesale auto loans and credit card ABS dominated the market with close to 82% of total public issuance. The much anticipated stranded cost or rate reduction bonds (RRBs) issuance totalled $6.8 billion as utility issuers from New Jersey and Michigan found electrified investor demand for their issues, this despite the energy woes and daily news headlines surrounding California's energy crisis. New asset types and less frequent issuers found the new issue market hospitable and investor demand far outstripped the supply that was delivered to the market.

We believe the confluence of a number of key factors have laid the framework that has served to bolster the record new supply including:

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