New issuance slowed last week from the moderate clip at which supply had hit. Issuer tiering persisted in holiday shortened trading, as Chase Manhattan Bank, American Honda Finance and Nissan Motor Credit all had little difficulty pricing deals. In off-the-run assets, a timeshare receivables offering did price, albeit after some fine-tuning of the senior tranche.

Marketing since late the week before, Marriott Vacation Club Trust 2002-1 was a $500 million timeshare resort loan ABS in the market via Credit Suisse First Boston. While subordinated classes saw good demand from the start, the $420 million 3.81-year A1 was a tough sell. Sources close to the situation blamed the large size of the tranche, which led to $260 million being carved out into a new fixed-rate triple-A A2 class.

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