Two auto asset-backed securities, totaling $1.543 billion, are in the market, restarting issuance in this sector after a Federal Reserve support program ended this month.

The Term Asset-Backed Securities Loan Facility is credited with opening up issuance of asset-backed securities after this market froze during the credit crisis. Though new ABS deals were issued without Talf support, the offerings being marketed this week continue the trend without any backstop.

The $963 million offering from Ally Auto Receivables Trust, a vehicle set up by GMAC Inc., is backed by prime auto loans, said a person familiar with the deal. Avis Budget Group Inc., the rental car agency, has a $580 million offering.

Both deals were expected to be sold this week.

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