By way of the recent Sears Credit Corp. retail card deal, Merrill Lynch became the latest bank to launch an asset-backed deal over the web - or at least partially - said Rob Little, a managing director in the ABS group at Merrill.

"I think it went pretty well," Little said. "I think at this point, Internet distribution is still working in complement with the traditional syndicate process. But I think it was important for Sears to be identified with an Internet transaction."

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