Consensus for overall ABS issuance volumes for 2006 is steady as she goes.' Most expect the final tally to come in near $700 billion, and close to the 2005 total, assuming shifts in volume among classes. In any case, the backdrop to all the sectors will be closely tied to the consumer credit outlook. While consumers remain highly leveraged, and home values are soaring to all time highs, "both job growth and accumulated real estate and financial wealth will provide a cushion," said Ivan Gjaja, director and head of ABS research at Citigroup Global Markets. "We're unlikely to see a sharp deterioration."

There are also different outlooks for the various ABS sectors, including home equities, credit cards, autos and student loans

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