Total ABS supply topped $11.7 billion last week, as quarter-end rapidly approaches. Driven by a pair of blowout deals the auto sector came alive, pricing $5 billion in new-issue supply while home-equity supply sustained its momentum, with over $5 billion in supply. Also of note, the 12b-1 fee ABS market graduated to the quasi-public Rule 144A market.
Amid questions over its financial well-being, Ford Motor Credit showed that it has little difficulty accessing the ABS market, pricing its second deal of the year. The $2.2 billion offering, via Credit Suisse First Boston, Goldman Sachs and Morgan Stanley, consisted of fixed- and floating-rate supply and priced within guidance. The day prior to pricing, Banc of America Securities held a conference call Tuesday to discuss "Ford's recent deals and what may change [our] mind on Ford's access to ABS."