The new-issue malaise in the U.S. ABS primary market continued last week, with just $8.5 billion marketing, $7.1 billion of which had priced as of press time. For the first time this year, however, the auto sector led the way, with $3.9 billion of supply, edging the $3.8 billion seen in the mortgage ABS sector.

Moreover, the market saw the most successful auto ABS of the year, as BMW Motor Credit priced at the inner limits for triple-A auto paper and set a new threshold for single-A rated subordinates. Large transactions were also seen from non-prime lender WFS Financial and Morgan Stanley's auto loan acquisition vehicle. Also, a small offering priced from subprime lender CPS Auto.

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