The ABS West Conference that kicked off last week and the SRI ABS Conference currently being held all but put market activity in suspended animation, with a clear calendar and thin secondary volumes reported. This illiquidity made for some spread volatility, and market observers said things should be tame until this week.
One deal did make it to market last week, however. A $250 million offering from Impac led by Credit Suisse First Boston (CSFB) priced Feb. 7, with the front-end pieces seeing a bit of concession. The longer pieces met with rather commendable demand and printed on top of premarketing expectations.