A fairly busy spate of new issuance was seen last week, as returnees from the Independence Day holiday had $6.723 billion of supply to choose from in a diverse array of asset classes, following the disjointed week previous that saw just one $282 million deal sold. The primary market looks to have resumed its first-half form, with new issuance well received, leading to upsizings and the tightening of offered spreads.

Two non-prime auto loan-backed deals in the market last week each saw strong demand, both being increased in size and tightening upon launch. While the success of a wrapped offering from sector benchmark issuer AmeriCredit Corp. is not surprising, the success of the first-ever public auto-loan securitization from Capital One Financial caught some off-guard.

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