The primary U.S. ABS market appeared to be holding its breath along with the rest of the nation for the early part of last week, waiting on tenterhooks for the results of the presidential election to come in well into Wednesday afternoon. However, the market quickened later in the week to price roughly $7 billion as of Thursday's market close. The prior week saw upwards of $8 billion in new issues come to market.
The outcome of the election caused market participants to forecast little in the way of broad market movement. "A second Bush term suggests a continuation of present policies and little incentive to move the market outside the current range," analysts stated in a report from Credit Suisse First Boston.