Asset-backed supply came at a moderate pace last week, pricing $10.8 billion, with a good balance between auto, credit card and home equity. Top-tier names continue to have little difficulty accessing the market in on-the-run sectors. Esoteric collateral types, however, continue to need overtime to wrap up.

The lone exception last week was an auto lease-backed deal from Volkswagen Credit Inc., which priced $1.5 billion to strong demand despite the general investor bearishness on lease paper and the relative obscurity of the issuer in the U.S. ABS market. JPMorgan Securities and Salomon Smith Barney were joint lead managers for the 2002-A, fixed-rate offering.

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