Securitized assets had a fantastic start to 2013 but it remains to be seen what the new year will bring. 2012 was definitely exciting in many ways: there was a new issuance-frenzy in Auto ABS, an unprecedented secondary market rally, and enormous bid and tender activity accompanied by robust fundamental asset performance... all this happened in spite of significant country risk-related downgrades – to name but a few key events. For 2013, we remain constructive on asset-backed securities. Despite imminent problems, e.g. restraints threatening from the regulatory side, credit risk factors are manageable, while primary and secondary market conditions remain vibrant. The normalization process in credit markets will proceed with respect to spreads, as will the recognition of asset-backed securities as useful and trustworthy investments.