The U.S. ABS primary market posted another extraordinary week, generating $23 billion in issuance and continuing the predicted flood of paper as issuers rushed to get deals finished before the Jan. 1 implementation date of the Securities and Exchange Commission's Regulation AB.

The biggest deal to price last week was a gargantuan $3 billion securitization of Stafford plus non-consolidation student loans from Sallie Mae. Bank of America Securities, Merrill Lynch and Wachovia Securities led the deal. The one-year tranche of the transaction priced at three basis points under three-month Libor, one basis point tight to guidance, while the three-year tranche priced one basis point over three month Libor, on the outside edge of guidance.

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