Despite the year's end falling upon the market, issuance did happen last week in the asset-backed securities market, and though a fair number of asset-classes were represented, it was by no means a flood. At press time, volume neared $1.5 billion, however most of that belonged to a $790 million Discover Card deal.

One trader said that about the most he was doing last week was cleaning out his desk for the year.

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