Despite the fact that much of the asset securitization market was overseas for the Investment Management Network's conference in Barcelona, Spain, enough of the market showed up to price nearly $13 billion in primary issuance last week.

The equipment sector made an appearance, with the $790 million John Deere Owner Trust transaction. Deutsche Bank acted as lead manager on the deal, whose four tranches were pegged off of Libor, EDSF and swaps, but did not offer much depth in pricing. The one-year tranche priced at three basis points under EDSF, while the most opportunity for spread pickup was in the three and one-half year tranche, which priced at just three basis points over swaps.

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