Primary ABS issuance picked up last week, with over $12.6 billion marketed as many in the market gathered in Barcelona for the global ABS conference being held there (see story p5). A pair of captive auto deals totaling $4.2 billion overshadowed the home equity sector, which saw continued supply from dealer shelves, as well as three offerings from regular issuers in the sector.

Leading the auto loan supply was General Motors Acceptance Corp., which priced $3 billion of 2003-2 paper from its CARAT issuance vehicle. Led by a three-way consortium of Barclays Capital, Banc One Capital Markets and Deutsche Bank Securities, the offering priced in line with expectations for both the fixed- and floating-rate classes.

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