The first half of 2002 was better than most had predicted for asset-backed securities benefited from the corporate debt market that apparently refuses to turn the corner. Blowups continued in the unsecured debt and equity markets, driving investors to the safety of ABS, including many first time buyers, despite continually tightening spreads.

As expected, supply is on pace to reach record levels again this year, with new issue offerings getting larger and larger in size and rating agencies pressuring finance companies to reduce exposure to certain aspects of consumer credit through securitization.

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