Mitsubishi Motors' senior bonds may be one of the few places relative value still exists in the overbought ABS market, but questions about servicing and the strength of U.S. operations still loom for the auto manufacturer. If Mitsubishi can successfully dodge those concerns, analysts agree its ABS presents an attractive option in the auto sector.

"Investors who do their credit homework could be rewarded," said Joe Astorina, auto ABS analyst at Barclays Capital. "There are selective pockets of value within Mitsubishi's senior bonds."

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