Never a hot sector to begin with, dealer floorplan ABS has gotten even colder this year. Issuance from the asset class is creeping along at a strikingly slow pace, possibly because of stricter investor requirements on some of the bonds, and higher deal execution costs, say some ABS professionals.

Only two deals came to the market so far this year, and both priced within two days of each other in the first week of April. Citigroup Global Markets led a $600 million Textron Financial Floorplan Master Note Trust 2006-1, and on the 144a side, Wachovia Securities led a $100 million deal called Credit Acceptance Auto Dealer Loan Trust 2006-1.

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