New-issue supply totaled just $4.4 billion as early-week Treasury declines stole the focus, delaying transactions in the market. A pair of de-linked credit card offerings came and went quickly, but the largest offering last week was brought by student lender Sallie Mae, continuing the deluge of student loan supply this year. Also, a pair of NIMs priced, from two of the large mortgage lenders in the market.
Early in the week, Capital One announced a $500 million two-year triple-A senior tranche, just the second triple-A from the COMET issuance trust this year. The off-the-run two-year tenor was driven by a reverse inquiry interest that quickly led to as many as 12 separate accounts participating, sources said.