The ABS primary market exploded last week, with roughly $18 billion of supply offered to investors, As of late in the week, $12.8 billion had priced, with the remainder, primarily mortgage-related supply, scheduled to wrap up on Friday or early this week. Transactions received strong demand that led to numerous increases in size and spread tightening prior to printing. Also, the market saw a return of the auto loan sector, which priced over $5 billion, after a month of sporadic issuance.

Captive and independent auto lenders alike could be seen, despite a surprise announcement from Standard & Poor's that sent ripples through the lease sector of the auto ABS market (see story p 1). Auto supply came in the form of prime, non prime and even super-prime motorcycle collateral.

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