New-issue supply has taken an expected dip this week, as year-end rapidly approaches. Capital One's credit card ABS, which priced Tuesday, and the stranded cost ABS from Atlantic City Electric lead the way for almost $4 billion of supply. Also, GMAC-RFC wrapped up its fifth mortgage-related ABS of the month - a $1.75 billion deal reom its RAMP issuance vehicle.

GMAC-RFC, which opens its proverbial floodgates in the third month of each quarter, completed Wednesday its fixed- and floating-rate 2003-RS11 deal via joint lead managers JPMorgan Securities and RFC Securities. GMAC-RFC's triple-A one-year AI1 priced at 19 basis points over one-month Libor. Three-year senior AI3 notes priced at 79 basis points over swaps and five-year AI5 notes priced to yield 145 basis points over swaps. Floating-rate AII1 paper, with a 2.6-year average life priced at 33 basis points over one-month Libor.

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