In what was most likely the last week of significant issuance for the asset-backed market, ABS spreads did not tighten in tandem with swap spreads. This caused a widening of asset-backed spreads versus swaps throughout the week.

"As the swap market is improving, we're not seeing asset-backeds come in with them," said a trader. "We've seen them widen in the face of tightening-in of swap spreads." Spreads widened three to five basis points over the week.

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