Last week got off to a slow start as a good number of ABS folk recovered from hangovers that tend to follow the brutal CFA exam. By Tuesday, only Banc One had priced a credit card transaction for a total of $750 million. But it was very much a New York Knicks week for the securitization market, which was expected to see almost $8 billion in transactions splashed into the bucket before Friday's close.

Spreads continued their widening trend though, as the 30-year benchmark Treasury crested 6% for the first time in more than a year. The rising yield in Treasurys, the pricing-in of one, possibly two rate hikes, the beginning of the quarterend rush, and many buysiders are bloated on ABS paper have combined to darken clouds on the issuer front.

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