A full moon on Friday the 13th capped a surprisingly depressing week for the asset-backed market. External market forces kept issuance at a minimum while spreads widened, even though observers believed the deals in the market were structurally sound.

"The deals are doing absolutely phenomenal," said Jeff Salmon, head of asset-backed research at Barclay's Capital. "Asset quality is still pretty strong. There's no indicators that things are going bad or negative. The technicals in the market are quite good in terms of collateral performance quality."

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