Primary issuance and secondary trading remained light last week as Fannie Mae and Freddie Mac uncertainties continued to weigh on the ABS market's mood. This is despite U.S. Treasury Secretary Henry Paulson's rescue plan that will, in essence, guarantee the GSE bonds by buying equity stakes in these companies and boosting the lines of credit available to them.

However, several consumer ABS deals did manage to get through, including a $1.03 billion auto securitization - USAA Auto Owner Trust 2008-3. Barclays Capital and JPMorgan Securities lead the deal, along with co-managers Deutsche Bank Securities, HSBC Securities, Wachovia Securities and Credit Suisse Securities.

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.