This year, growth in the European ABCP market was primarily concentrated among existing conduit programs. This increase in volume, particularly in European commercial paper (ECP) issuance, has provided some encouraging signs for what's in store going forward.

According to figures released in a JPMorgan Securities research report, ABECP outstanding has exceeded US$80 billion with over 50 active programs, and represents over 22% of total ECP issuance this year. JPMorgan shows that last year ended at US$58 billion, and in 2001, volume stood at US$31 billion outstanding.

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