The U.S. ABS primary market took a slight holiday break as the Thanksgiving holiday approached last week, but still managed to generate a cool $8 billion in just two days. The shortened week may have caused a number of issuers to sit out, and the market may also have been sapped of a good bit of capacity, having generated nearly $30 billion the previous week. Even so, a healthy mix of real estate and commodity ABS priced or was announced in the two days before ASR went to press.
The largest deal to price on the week was a $1.59 billion Alt-A MBS deal from Countrywide Home Loans, Inc. The one-year tranche of the deal priced at nine basis points over one-month Libor and the three-year tranche priced at 25 basis points over one-month Libor, two basis points wide to guidance.