Last week's asset-backed securities market showed increased activity, tightening spreads, and establishing a healthy tone, according to traders and bankers alike. Though press time totals weren't huge - just nearing $3 billion - the pipeline was said to be overflowing with deals of every kind, including credit cards, auto loans, equipment leases, home equity loans, and collateralized bond obligations.

"There's been a flurry here with a couple of deals in the auto sector," said one trader. Others considered action to be light, compared with earlier projections - an ongoing sentiment thus far in the fourth quarter.

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