Last week saw roughly $5.7 billion of asset-backed supply, on par with the $5.5 billion the week before. April closed with roughly $22 billion of public supply, according to Banc One, with continued spread tightening in all of the major sectors, combined with declining underlying benchmark rates, leading to lower yields across the board.

A pair of credit card deals and student loan deals were the highlights of last week's trading, as a lack of top-tier auto loan and home equity offerings continued for the second straight week. Capital One and Sears Roebuck Acceptance squared off in the credit card sector, while Sallie Mae and Nelnet vied for investor attention in the student loan sector.

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