S A well-bid and fast-paced session of primary supply was seen in the U.S. ABS market last week. Bolstered by a massive global RMBS deal, which accounted for roughly half of the volume, the market saw $21.5 billion of new-issue ABS price, with a multitude of asset classes represented.
The completion of the $11.5 billion U.K. mortgage securitization from HBOs plc, of which $6.1 billion was denominated in U.S. dollars, lifted a heavy weight from the market. The Permanent Financing No. 4 deal, increased in size several times prior to pricing, was jointly led by Citigroup Global Markets, Morgan Stanley and UBS. The second of three large transactions slated to come out of the U.K. in this quarter, the market now awaits Holmes Financing No. 8.