Joseph M. Donovan, a 23-year seasoned expert in the asset securitization business and chairman of ABS and debt financing at Credit Suisse, is planning to retire from the company by yearend.

The news took the ABS industry by surprise earlier in the week, as Donovan circulated a two-page email in which he enthused: "The ABS market has never been in better shape --- the depth and breadth of the market, the liquidity, the knowledge and expertise from issuers on through investors is testimony to the strength of the U.S. capital market system."

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