Maintains a negative view on spreads, as ABS spreads in general are at tight levels and in the case of autos at all-time tights. Nonetheless, spreads have remained resilient. Therefore, unless some headline or credit event hits the market, spreads will stay range-bound at these tighter levels. Continues to like bonds issued by Tier 2 and 3 issuers as customers will continue to reach for yield in this minimal yield environment, causing spreads to tighten on these less liquid names.

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