Strictly speaking, the U.S. ABS market did not have a lot to celebrate last week. According to JPMorgan Securities's tally, year-to-date issuance amounted to $290 billion, roughly flat compared to last year. The bank also pointed to weakening fundamentals ahead for the subprime housing market, on top of an expected slowdown because of the threat of inflation.
Still, issuers priced at least $9 billion in issuance at press time, and were expected to price slightly more than $18 billion in new transactions by Friday. Meanwhile, other market players viewed the year-to-date issuance number as a solid sign of progress.