New issuance in the U.S. asset-backed securities market picked up last week, pricing $7.6 billion of new supply. That total tops the previous, holiday-shortened week, by approximately $2 billion, led by large offerings from Residential Funding Corp., Citibank and Mitsubishi Motor Credit. Also, Chase brought two credit card-backed deals totaling $1.5 billion.

The week's largest single offering came from GMAC unit RFC, which sold $1.5 billion of a subprime mortgage-backed security from the company's RASC shelf via the lead of J.P. Morgan Securities.

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