Several CMBS, student loan ABS and esoteric deals have hit the market since Nov.1, and issuance totaled more than $11 billion. Still, market sources suggest that the asset securitization industry has a long way to go before real recovery begins to take hold.

In a move that some market sources found mildly interesting, Banc of America Securities priced a $1.4 billion transaction. At a time when most investors are avoiding subprime MBS paper altogether or giving such deals withering scrutiny, at least one investor was very even-toned, if not sanguine, about the development.

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