As players predicted, significant activity hit the asset-backed market last week, in the backdrop of what some players are calling an "elusive" equity market - the Dow Jones hit the ground while the Nasdaq broke the 5,000 mark.

In ABS land, swaps were out three to four points on the week, and demand for short-term paper continued strong. The divide fell at the three-year mark, said one source, citing the Case New Holland Equipment Trust.

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