Despite the interruptions from Hurricane Sandy and the Thanksgiving holiday, as of Nov. 29 the U.S. securitization market managed to price 41 transactions at $25.2 billion, This figure includes CDOs and CMBS, according to the ASR Scorecards database. However, the month's issuance is a little lower than October's $33.1 billion and September's $29.8 billion.
A highlight in the month was Barclays Bank's first Securities and Exchange Commission-registered credit card platform, called Dryrock Issuance Trust (DROCK), which issued $1 billion bonds through Series 2012-1 worth $700 million and 2012-2 worth $300 million. Wells Fargo Securities analysts called the issuance "the most interesting November event" in a Nov. 27 report. The transactions were rated by both Moody's Investors Service and Standard & Poor's. DROCK is collateralized by Barclaycard U.S. brand credit card receivables.