The primary ABS market looked relatively lively last week, issuing $15.8 billion in new supply - close to double the combined volume of the preceding two weeks. The steady clip was spurred on by $8.5 billion in global RMBS supply.

Dan Castro, head of ABS research at Merrill Lynch, said investors are still, by and large, on the defensive. "People are worried about rising rates and oil prices and what is going on overseas," Castro said. "It doesn't appear to be the time [for investors] to step up and be a hero."

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