While top-tier issuers can still tap the ABS market with little difficulty, off-the-run issuers are having increasing difficulty completing transactions, as evidenced by last week's new issue activity. While $9.2 billion priced in last week's primary, many of the deals needed work in order to price.

Exhibiting the difficulties facing off-the-run issuers, World Financial Network, a former unit of clothing retailer Limited Brands Inc. sold $593 million of notes backed by credit cards from the various chains operated by The Limited, including Express, Lerner New York, Henri Bendel, and Victoria's Secret. JPMorgan Securities and Wachovia Securities acted as joint-lead managers.

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