New issues were slow to develop last week, in holiday-shortened trading that still had a fair amount of supply waiting to price late in the week. Pricing as of press time was a Big-Three auto loan transaction as well as a pair of credit card deals of note. Three home-equity trades, a credit card deal and a subprime auto ABS were pending for either late last week or early this week.
Leading the supply was a $2 billion retail auto loan offering from DaimlerChrysler N.A. Holdings, which priced at tightened spreads within hours of being announced. The all fixed-rate 2002-C transaction, led jointly by Credit Suisse First Boston and JPMorgan Securities, was almost all-sold prior to guidance being released, enjoying the benefits of being the first prime auto ABS since the conference season ended.