Nary a deal priced last week in the asset-backed market, though not for lack of want - demand fell into secondary trading, and spreads remained firm, despite volatility in other markets.

"The secondary is doing very well," one trader remarked. "We got off to a good start on Monday, and even though Tuesday swaps backed off a few basis points, we certainly did not widen as much through the week. We certainly outperformed swaps on the week."

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