This has been the busiest January in the history of the asset-backed market, with over $20 billion in issuance placed as of January 25. Citibank led the way with two deals totaling $3.5 billion, while Public Service Electric & Gas followed slightly behind with $2.5 billion in stranded-cost bonds.

Citi hit the market with a one-two punch: $1.25 billion of seven-year notes that priced at 17 basis points over the three-month Libor last Tuesday, and $2.25 billion in five-year notes that priced at 12 over the same benchmark, the next day.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.