All was quiet on the issuance front in the asset-backed market last week, but the Federal Open Market Committee's rate cut and headline risk associated with the state of the California power companies created a mixed tone to the market.

"Typically in that environment, trading slows, almost grinds to a halt. Now you're seeing people come back in," said Jeff Salmon, director of ABS research at Barclays Capital. "When we did see buyers start to tip-toe back in, there seemed to be good demand for short fixed-rate paper. Three-years and in seemed to be fairly catching a good bid."

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