Details continued to emerge last week of a ravenous bid for car loan collateral from BMW, the U.S. unit of luxury automaker Bayerische Motoren Werke. The $1.6 billion BMW 2003-A was greatly oversubscribed, pricing at the tightest levels seen this year.

According to sources, the separate tranches were oversubscribed as much as 1.5 to nearly 3.5 times. Seeing the rush, investors employed the appropriate strategies to try and gain their share of the assets. The tight spreads seemingly deterred nobody.

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