The U.S. ABS market saw just over $11 billion in new-issue ABS supply last week, ahead of this week's ABS East conference, of which just $8.5 billion had priced as of Thursday's market close. While the home equity sector continued its year-long domination of the primary market, a large student loan offering and a rare aircraft-backed deal were the highlights of the week.

Sallie Mae's $3.9 billion multi-currency series 2004-10 transaction, via Credit Suisse First Boston, consisted of U.S. Dollar, Euro and Sterling-denominated tranches as well as term and rate reset notes. The tightening in the student loan sector was evident with Sallie Mae's tenth securitization of the year. Despite the $38 billion in student loan supply this year, spreads in the sector continue tightening (see story p. 28).

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