The asset securitization market juggled three significant market events last week. The Federal Reserve tightened credit by raising its federal funds rate to 5.25% on Thursday, but ABS professionals noted that the increase had already been priced into several deals; interest rate increases on higher education loans were slated to take effect on July 1; and Standard & Poor's new LEVELs credit enhancement requirements (see story on p. 11) on certain home equity loans, including so-called piggy-back loans, also went into effect on the first of July.

Driven in part by the encroaching deadlines, issuers managed to price and begin marketing at least $15 billion by press time.

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