The broader bond market perked up in the face of a faltering stock market, and the ABS sector prepared to follow suit, with almost $15 billion in deals that priced and were being marketed last week. By press time, about $7 billion of that amount was launched.
Home equity loans usually comprise the bulk of issuance, but this time around, the credit card, equipment and student loan sectors took the initiative to get deals done. Bank of America Credit Card Trust, 2006-A6 came to market with a $1.6 billion transaction. Banc of America Securities managed the deal, whose triple-A-rated tranche priced at three basis points over the one-month Libor.