With the month nearly over, it's clear that this will be the heaviest quarter in the history of the asset-backed securities market, with close to $70 billion in the public market plus an additional $11 billion in the rule 144A market, according to numbers provided by Thomson Financial Securities Data.

"I think, for one, we're seeing the asset-backed market benefit from problems in other markets, both fixed income and equities," said Dan Castro, head of ABS research at Merrill Lynch. "There's a lot of money flowing out of equities into fixed-income in general."

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