Unlike the start of last year, when uncertainty reigned, the outlook for the U.S. ABS market is notably positive this year. Some are even predicting a rebound in the beleaguered manufactured housing sector.

New issue supply is expected to be flat as interest rates rise in the second half of 2004. Value will be found in off-the-run sectors and weaker names, following the spread tightening seen in on-the-run asset classes throughout 2003.

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