Late last week WestLB began marketing a pair of subprime auto loan backed deals, both expected to price this week, said a source close the transactions.

As sole lead, the bank was showing investors a $77.8 million two-tranche deal for Seawest Financial, the issuer's second-ever term ABS and only deal this year. The transaction includes two sets of A class notes wrapped to triple-A by XLCA. A $27.24 million A1 class carries a .33-year average life, with a one year final, and a $50.60 million A2 class is being offered with a 1.7-year average life and an April 2008 final.

WestLB is also marketing a $100 million deal for Consumer Portfolio Services (CPS), the issuer's third transaction this year. Like SeaWest, the offering is structured in two parts and features a triple-A from XLCA on both classes. The A1 notes are worth $30.78 million and carry a .23-year average life with a one year final, while the A2 notes are worth $68.53 million and carry a 2.29-year average life with a July 2009 final. WestLB brought CPS' most recent deal in August.

Price talk was not available for either deal.

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