Sales of asset-backed bonds rocketed in Europe to €125.7bn ($171bn) in the first quarter, trouncing that raised in the same period last year and putting the market on course to beat record 2006 volumes according to an industry body.

ABS issuance to the end of March was more than double the €64.2bn recorded in the first quarter of last year, while sales were only €44bn off the record quarterly volumes of €169.7bn hit at the end of December.