New issuance slowed last week, to a total of $5.5 billion ($4 billion priced as of press time), down from the near record $11 billion-plus the week previous. Deal pricing of note last week came from Sallie Mae, Chase and WFS Financial with smaller, but notable, deals hitting from CompuCredit and Saxon Asset Securities.
The week's largest deal came from student lender Sallie Mae, which priced a $1.5 billion deal via the joint leads of Banc of America Securities and Merrill Lynch. The third securitization of the year for the unit of USA Education Inc. once again offered investors the choice of both three-month Libor and 91-day T-Bill indexed senior paper. Investors favored the Libor-indexed supply, as only $150 million of Treasury paper was placed.