One of the most significant stories in the ABS market right now is the market itself, which, thanks in large to the ABS CBO bid, has shown remarkable resiliency to wild spread movement. As analysts have noted, this is in contrast to conditions during the liquidity crisis of 1998, when dealers found it nearly impossible to place ABS sub bonds.

Some market sources are quick to point out, however, that the CDOs ramping up post Sept. 11 had most likely placed their equity prior to the terrorist attacks.

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