The second quarter came to a close last week with $7.1 billion in issuance, a bit slower than the $10-plus-billion the primary has seen throughout the first half of the year. Just about every asset class was represented, including some of the more esoteric assets, such as insurance premium loans, mutual fund fees and franchise loans.

Through the first six months of the year, public and 144A asset-backed supply topped $210 billion, a 16% increase from the $175 billion that priced through this time last year. Home equity supply totaled approximately $86.8 billion, up 33.6% from this time last year; auto loan supply was up 25.7% from the first half of 2001 at $45.5 billion. Credit card issuance was actually down versus first-half 2001 levels - with $38 billion of supply, issuance is down 8.43%.

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