Not only did the first ever asset-backed notes trade online last week, but the year's first modest flow of new issuance hit the market, with press time totals hitting five - yes, five whole deals - and still spreads continued inching in, all the way down to secondary trading.

"We had two very well priced deals happen here," one trader said. "The Conseco manufactured housing and the Nissan auto deal both went very well."

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