Activity slowed in the U.S. ABS primary market last week, as many participants were an industry gathering hosted by Standard & Poor's in Orlando. Just over $5 billion of supply priced in late-to-develop trading that saw all asset classes represented, albeit sparingly. Roughly one half of the week's supply came in one issue, the sixth student loan ABS from Sallie Mae.

Sallie's $2.2 billion 2003-5 deal, via three-way joint lead managers Credit Suisse First Boston, JPMorgan Securities and Morgan Stanley, priced in line with price guidance, after being held up in order to finalize overseas accounts buying the E640 million ($554 million equivalent) 10.8-year A5 tranche. The transaction was backed by 100% FFELP-guaranteed loans.

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