It was a rather slow, uninteresting week of trading in the U.S. ABS primary market, with a pair of auto deals highlighting the new issuance. Total volume came in just over $6.3 billion, with home equity issuance accounting for $2.1 billion of the week's supply. The largest asset class representation was in the student loan sector, which priced one, albeit large, transaction.

Sallie Mae's $2.5 billion 2003-7 offering, its ninth of the year brings its year-to-date volume to almost $17 billion (SLMA also has sold two private student loan deals for $2.4 billion). Led jointly by Credit Suisse First Boston, JPMorgan Securities and Morgan Stanley, the deal offered European investors their first opportunity to purchase fixed-rate student loan paper.

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