The ABS primary market continued to slow last week, but still showed an impressive $5.2 billion in the form of fewer but larger transactions, up from the previous, just-over-$3 billion holiday-shortened week. As of press time, however, just $4.1 billion had priced.

The largest deal of the week, from Chase Auto, wasn't around very long due to the strong investor demand for high-quality paper. Despite the fact that it was the largest auto deal Chase had ever brought to market, the book grew quickly and oversubscription rates soared; the senior classes went subject before noon Monday, just hours after being announced.

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