While spreads in the primary ABS market have kept relatively firm over the past two months of uncertainty, prices in the secondary market, especially for less liquid names, have been all over the map.
"When we quote generic spreads, we're quoting high quality triple-As from names like MBNA, [Ford Motor Corp.], and [DaimlerChrysler]," said one bank researcher. "It's kind of deceiving. The top tier names are trading very well. Anything else is trading like crap."