New issue supply slowed last week to price $2.66 billion of paper, with a focus on the credit card sector, versus $5.5 billion the prior week. Frequent issuers MBNA and Providian Financial each tapped the market with card deals and Conseco Finance sold a home-equity loan securitization to round out the major deals of the week.

The largest offering of the week came from benchmark-issuer MBNA, which sold $1 billion of pre-enhanced senior paper via the joint leads of Banc of America Securities and Salomon Smith Barney, from the company's MBNAseries program. The single-tranche floating-rate series 2001-3 offering, with a five-year bullet structure, priced at par with a coupon of three-month Libor plus 11 basis points.

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