asdf:defsystem complains about path, sometimes

Hello,

This is with asdf 3.1.7.27,
Armed Bear Common Lisp 1.4.0
Java 1.6.0_41 Sun Microsystems Inc.
OpenJDK 64-Bit Server VM,
Emacs & Slime

The following example code from the ASDF manual

(asdf:defsystem "hello-lisp"
  :description "hello-lisp: a sample Lisp system."
  :version "0.0.1"
  :author "Joe User <[email protected]>"
  :licence "Public Domain"
  :depends-on ("optima.ppcre" "command-line-arguments")
  :components ((:file "packages")
               (:file "macros" :depends-on ("packages"))
               (:file "hello" :depends-on ("macros"))))

when executed via the ABCL command line gives a relative path error

  Invalid relative pathname #P"packages.lisp" for component ("hello-lisp"
"packages")
Restarts:
  0: RETRY                         Retry ASDF operation.
  1: CLEAR-CONFIGURATION-AND-RETRY Retry ASDF operation after resetting the
configuration.
  2: TOP-LEVEL                     Return to top level.

If that code is in a file, then the file compiles cleanly:

CL-USER(6): (load (compile-file "test.asd"))
; Compiling /home/mv/projects/poi+excel/test.asd ...
; (IN-PACKAGE :CL-USER)
; (ASDF/PARSE-DEFSYSTEM:DEFSYSTEM "hello-lisp" ...)
; Wrote /home/mv/projects/poi+excel/test.abcl (0.021 seconds)
T
CL-USER(7):

I am looking for confirmation of this and second opinions before taking up
at the ASDF mailing list.

Thanks,

Mirko