In the secondary market, Banc One Capital Markets sees value in equipment ABS, which is trading relatively wide to prime auto, and could tighten up when new issue equipment begins to hit market. According to Banc One, the months of March through May are typically the heavier months for equipment ABS.

"Two year triple-A rated equipment ABS currently offer 19 basis points over comparatively lived triple-A prime autos, and three year triple-A equipment ABS are now 27 basis outside of three year prime autos," Banc One researchers write.

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