New-issue supply slowed in last week's holiday-shortened session that preceded the global ABS conference held this week in Barcelona. U.S. primary market priced just $4.8 billion, as of press time, with an additional $4.9 billion of supply being announced late in the week.

The largest offering last week came from Sallie Mae, which has sold seven student-loan ABS this year, totaling $11.4 billion. The series 2003-6 offering, backed by 100% Ffelp loans, priced via Banc One Capital Markets and Lehman Brothers. All classes priced in line with initial price guidance and even in line with the five previous Ffelp loan-backed deals seen this year, despite the increased student loan supply. To date the student loan sector has totaled $15.6 billion of new issuance.

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