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MOODY'S REPORTS EMEA ABS MARKET HOLDS UP IN 2007 DESPITE CREDIT CRUNCH; UNCERTAIN 2008 ISSUANCE OUTLOOK
Info-Prod Research (Middle East), January, 2008
Despite experiencing a setback related to the global credit crunch and a slight decrease in number of transactions, the Asset- Backed Securities (ABS) market in Europe, the Middle East and Africa (EMEA) recorded year-on-year growth in issuance volume of 19.8%to EUR120.3 billion in 2007, says Moody's Investors Service in its "2007 Review & 2008 Outlook" report on the ABS market in EMEA. Issuance expectations for 2008 remains uncertain as a large number of potential issuers await the return of more normal market conditions.
"The increase in ABS issuance in 2007 was driven not only by a very strong first half but also, notwithstanding the widening of the spreads, by an equally strong second half, with issuance rebounding in particular at the end of the year," says Monica Curti,...
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