Issuers are offering several asset-backed securities deals this week, some of which are eligible for funding under a Federal Reserve program.

Bank of America Auto Trust has a $2.027 billion deal that is eligible for cheap funds under the Fed's Term Asset-Backed Securities Loan Facility, or TALF, according to a person familiar with the matter. The next loan application deadline for the program is Nov. 3 for the consumer loan-backed deal portion of TALF, credited with boosting the ABS market.

General Electric Small Ticket has a $654.197 million TALF-eligible deal and GMAC's Ally Bank has a $884.856 million prime auto loan-backed deal that is also eligible for TALF.

World Omni Auto Lease has a $1.04 billion deal for which investors cannot tap the Fed for non-recourse loans.

The securitization market is seen as crucial for increasing the flow of credit in the market as it lowers the cost of borrowing for consumers.

Banks package loans into bonds that are sold to investors, clearing the way for decreasing the cost of new loans.

-By Anusha Shrivastava, Dow Jones Newswires; 212-416-2227; anusha.shrivastava@dowjones.com