The U.S. ABS primary market slowed to roughly half of the previous week, pricing $8.8 billion of new-issue supply. With scant auto loan and credit card ABS making the rounds, the focus returned to the mortgage sectors of the market, which accounted for $6.5 billion of the week's total.

That is not to say there weren't interesting offerings last week, as a new name emerged, plus the week saw the largest 12b-1 fee ABS to date. Trinity Industries successfully priced its first-ever railcar lease ABS to strong demand, while Citibank N.A. was shopping a $638 million Hedged Mutual Fund Fee Trust deal, the third of the year from Citibank. And an issuer, for the first time, hired a credit oversight agent to police its transaction.

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