$10.5 billion ABS week sees Providian

With $10.5 billion priced and an additional $1.5 billion set to price late in the week, the U.S. ABS primary market is making its last push of the year. Sources did expect the supply to continue into this week before dying off before Christmas.

The highlight of the week came early, as Providian Financial made its return to the market after a one-year hiatus, pricing $500 million from its Gateway to Credit subprime shelf via Barclays Capital. The three-year Rule 144A offering, backed by a full FSA wrap, priced at 30 basis points over one-month Libor.