U.S. asset-backed securities issuance for the first half was 6% higher than the year-earlier figure, as turmoil in the global-fixed income market subsided, Moody's Investors Service said.

Moody's said $103.5 billion of transactions were completed in the first half of 1999, compared with $97.8 billion a year earlier. According to Kent Becker, Moody's vice president, senior credit officer, and co-author of the report, "the increase in the market was spurred by the fast-growing vehicle-backed sector."

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