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Y2K Fears Crunch Libor-Indexed Asset-Backed Bonds

Asset-backed traders and bankers felt the shake of Year 2000 last Wednesday as the three-month Libor got the millennium bug, jumping 57 basis points overnight.

"I don't think many people looked at it [Tuesday]," said Dan Nigro of Chase Asset management. "But it kind of hit everybody [on Wednesday]."

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