Only $4.3 billion of new-issue asset-backed supply priced in last week's primary market - just half of the $8.6 billion to be announced throughout the week. Many of the deals needed multiple days of marketing prior to pricing. Two notable exceptions to this came from top-quality issuers Fannie Mae and USAA, which each came and went quickly and tightened prior to pricing.
Mortgage and home equity-related supply continued as the leading asset class last week, making up $7.25 billion of the supply making the rounds and $2.9 billion of the issues that actually priced. While Fannie Mae and AmeriQuest Mortgage each had billion-dollar offerings and GMAC-RFC had three offerings in the market - only one of which priced as of Thursday - totaling over $1.3 billion.