The first full week of the New Year was slow to develop, as only top-tier issuers braved the primary market. While $4.7 billion had priced as of market close Thursday, an additional $3.5 billion was on track for a Friday pricing. As was the case in 2002, a multi-billion dollar auto loan securitization kicked off the market, but this time around from General Motors Acceptance Corp., which brought a $3 billion transaction through three lead managers.

Incorporating a 12-month revolving period into the structure, GMAC CARAT 2003-1 offered both fixed- and floating-rate senior tranches. It took until Wednesday for the first deal of the New Year to price. Jumping to a short-lived early lead in the league tables were, Credit Suisse First Boston, JPMorgan Securities and Morgan Stanley split the books three ways.

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