A holiday-shortened trading week, coupled with the typical slow start to a new quarter, left the ABS primary market nearly devoid of activity last week. Just $3.15 billion priced, including an EETC, while an additional $3.8 billion was readied for when the market returns from the Independence Day holiday.

Among the offerings seen last week, there were three issuance trusts tapping the market for the first time, although all from regular ABS issuers. In addition to the subordinated fleet-lease ABS from Cendant Corp.'s Terrapin Funding (see story p. 1), AmeriQuest Mortgage and Morgan Stanley each unveiled new transactions.

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