Deals: Picaros Funding, Ormond Quay, North Sea Funding
Authorized amounts: e5 billion, e5 billion, e10 billion
Sponsors: KBC Financial Products UK, Sachsen LB Europe, ABN Amro
Dates: June-July 2004
A Moody?s report last month indicated that asset-backed commercial paper (ABCP) volumes in Europe, the Middle East and Africa fell slightly in the second quarter of 2004. The amount of ABCP funded by EMEA conduits fell to $103 billion in April from $106 billion three months before as spreads tightened and competition for AAA rated securities from CDO squared deals and structured investment vehicles rose, although the pipeline remains strong.
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