With the year-end push currently underway, a steady flow of supply hit the U.S. ABS market, as $7 billion of issuance was marketed throughout last week. GMAC-RFC and DaimlerChrysler led the way, each with billion-dollar-plus deals, with smaller retail auto loan deals from World Omni Financial, Mitsubishi, Chevy Chase FSB rounding out the week.

The week's largest offering, $1.2 billion of subprime home-equity loan paper from GMAC-RFC's RASC shelf, had only half of the paper hit the Street; an undisclosed agency reportedly drove the deal with a reverse inquiry. The floating-rate Ambac-wrapped A2 paper that was offered through JPMorgan was structured with a 2.62-year average life and priced with a coupon of 32 basis points over one-month Libor.

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