Globalization…the ABS market

• Auto loans, student loans and credit cards continue to be the largest components of ABS issuance

• ’99 to ’04 regional growth

  • U.S.: Largest market but slowing growth
  • Europe embraces securitization with growth of 30%
  • Asia, where many deals are private, has good growth at 6%
  • Non-U.S. markets are not just copy-cats of the U.S.

Source: Harrison Scott Publications / Standard & Poor’s. Does not include confidential, ABCP, LOC, and HELs transactions

’99-’04 CAGR = 10.3%

YOY % Change:0.1%

U.S.

Europe

Asia Pacific

$ in billions

ABS Issuance

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