There was no quarter-end rush to the ABS primary market, as June has seen steady new issue supply. Just under $8 billion made the rounds, with a pair of large trades targeted for late in the week. The week was dominated by smaller deals from off-the-run issuers, with the exception of the credit card sector, which saw the three leading names tap the market with de-linked structures.
Bank One, Citibank and MBNA America Bank each priced deals to typical strong demand, with Bank One increasing its offering slightly. The $125 million single-A rated 2003-B2 three-year floating-rate deal from BOIT came and went quickly late last week, pricing at 23 basis points over one-month Libor. MBNA tapped the market for $650 million of five-year fixed-rate triple-As via Banc of America Securities and Credit Suisse First Boston, to yield 11 basis points over swaps. Citibank brought an unusual $650 million 12-year fixed-rate senior offering, which priced at 87 basis points over 10-year Treasurys.