The U.S. ABS primary market sprang back to life last week, following two comparably slow weeks of issuance. New-issue supply in the market totaled over $19 billion, with $13 billion having priced as of Thursday's market close, with the remaining $6 billion seen bleeding into this week. After lagging for most of the year, auto deals are making a late push in the fourth quarter with another strong week of supply. Home equities, meanwhile, priced $5.8 billion of the $11 billion total shopped around, boosted by a pair of $3 billion-plus transactions.
With a strong showing in October, auto ABS supply has spiked in the fourth quarter, with offerings from foreign captives and regional independents leading the way. Last week, BMW Motor Co. and Nissan Motor Credit, each saw strong demand for their respective offerings, as did domestic lenders Capital One Financial, WFS Financial and DriveTime Credit. Regional banks Marshall & Ilsley and Regions Financial each priced deals and Avis Group Holdings was set to price its second pre-enhanced Chesapeake Funding issuance vehicle.