The U.S. ABS primary market priced over $18 billion last week as the auto and credit card sectors carried a palette of deals. The big stories of the week were General Motors Corp.'s announcement that it will cut 25,000 workers by 2008, and Federal Reserve Chairman Alan Greenspan's forecast for the U.S. economy.
The bulging week of issuance was characterized by the strong demand and quick deal turnaround that have become hallmarks of the ABS market recently. "We are continuing to see good, strong demand here," said one ABS research head. "Deals are getting upsized, deals are getting priced quickly and market fundamentals continue to be robust. It's as good as it gets," he quipped.