The credit-card sector had a strong showing in last week's asset-backed market, as issuers such as Fleet Bank, World Omni Financial Corp. and U.K.-based Arran One were tapping demand despite continued market volatility and fluctuating swaps.

"Market conditions remain somewhat neurotic," explained one asset-backed analyst. "Swaps spreads continue to move in and out. Given that uncertainty, the preference for investors is still floating-rate and short, fixed-rate securities, ideally in the two-to-three year range."

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