With credit card ABS supply down in the first half - due primarily to pending M&A activity - Standard & Poor's anticipates a new issue supply rebound in the second half, reaching $65 billion. With just $27 billion in supply pricing over the first six months of the year, S&P informally surveyed approximately 10 of the leading issuers, reporting last week that "most issuers expect a substantial portion of second-half issuance will refinance remaining maturing deals that total approximately $34 billion," the rating agency said.

Over the same period of 2003, credit card ABS supply totaled $37 billion, 27% greater than in the first six months of 2004. S&P notes numerous performance improvements over the first half of the year.

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