Spring break and observances of major religious holidays suppressed the primary ABS market for the second consecutive week, resulting in a mere $5.7 billion in issuance by Wednesday afternoon. That fell short of trader estimates, which put issuance between $8 billion and $10 billion.
"Spring break has been the key driver. There is a total of about three deals in the market," said one trader. "Next week we're anticipating a much bigger and better week."