Three days into 2008, the ABS market was buzzing with more talk of layoffs and executive musical chairs than actual deal production. Despite the sluggishness and ongoing anxiety over how many layoffs are pending, however, traders and other market participants began gearing up for ABS deals secured by auto and credit card borrowings and other types of consumer debt.

The Tong Yuang Auto Loan Trust, which appears to be a completely new issuer, is preparing to come to market with a $1.9 billion transaction via Citigroup Global Markets, according to market sources. More deals from the auto ABS asset class are lining up for pricing, thanks to pent up demand from issuers to get deals done, sellside market participants said.

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