A cloud of uncertainty hangs over the asset-backed market, as underwriters and market-makers tinker with price discovery, and the prospect of a severe recession looms on the horizon. Still, a small handful of deals slipped through the gates last week, pricing, for the most part, within 10 basis points to 15 basis points of levels seen two weeks prior, just before Wall Street watched the Twin Towers - symbols of global economic infrastructure - crumble and layer the better half of lower Manhattan's financial district in a thick, gray, acrid soot.

Following efforts to reestablish normalcy, asset-backed players were impressed with the market's performance, as it swung back to business with little delay (first deal Tuesday), and levels were said to be rational, all things considered. Meanwhile, spreads on investment-grade corporate secondary issues were fluctuating as much as 30 basis points, one analyst noted.

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