A busy week of new issuance, reminiscent of the record-breaking issuance week of this time last year, had syndicate personnel pulling the hair from out of their heads by week's end, following the pricing of just over $10 billion of new supply. During the week, deals topping $1 billion came from GMAC, GE Capital Aviation Services, Citibank, World Omni Financial, Capital One Financial and Conseco Inc.
Despite the supply seen in the first half of the year, already on pace to top $300 billion, demand remains strong for paper in all asset classes. "Things picked up all around this week," said Jeff Salmon, head of ABS research for Barclays Capital. "New issues were well received by investors throughout the week, even as new deals emerged within the same asset classes," he added.