Another busy week of new issuance was seen in the U.S. asset-backed securities market, with just over $7 billion having priced as of press time last Thursday.

The week was marked by two notable firsts: Newcomers this week included the first foray into the auto-loan sector by Wells Fargo and the first draw of subordinated paper from the new MBNA master trust. Other notable offerings to see strong demand came from a pair of infrequent issuers, BMW and USAA, which sources said "are looked at the same as a new issuer." Scarcity kept pricing spreads tight in the face of burgeoning supply, market observers said.

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