Some of the largest U.S. CDO managers in 2006 counted ABS CDOs as nearly their entire book of business, according to Standard & Poor's.

ABS CDO transactions accounted for more than two-thirds of outstanding issuance for 17 of the top 25 CDO managers last year, according to the rating agency's annual tally. Perhaps not surprising, as overall ABS CDO issuance increased threefold year over year from 2005. Cash flow CLO issuance, meanwhile, doubled from 2005 to 2006.

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