The U.S. ABS primary market swelled to $19 billion last week after two relatively cool weeks of issuance.

The largest deal to price on the week was a $3.85 billion global MBS deal from the Bank of Scotland's Mound Financing vehicle led by Citigroup Global Markets, Deutsche Bank Securities and Lehman Brothers. Of the total, $1.8 billion was in U.S. dollar denominated tranches. The $750 million, one-year tranche priced at four basis points under one-month Libor, flat to guidance, while the $850 million, 2.8-year tranche priced at six basis points over three-month Libor.

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