This is getting to be a habit. The ABS market remained in a resting state for the third week last week, getting little encouragement from gun-shy investors and with the overall credit market getting only slightly more sympathy from the Federal Reserve.
Capital One eked out the ABS market's only signifacant deal, a $1 billion dropshot whose three-year tranche priced at seven basis points over the one-month Libor. Secured by credit card receivables, the deal had just one tranche, rated triple-A by all four rating agencies. Barclays Capital, Banc of America Securities and JPMorgan Securities were among the underwriters.