While the European non-CDO market appears to slowing in August, the U.S. ABS primary market is seeing plenty of activity, pricing $11.7 billion in new-issue supply. For once this year, the high-quality auto and credit card names left little room for home equity issuers to tap investor demand, which by week's end was strong for the pair of mortgage-related offerings in the market.

With just its third auto ABS of the year, General Motors Acceptance Corp. completed its $3 billion fixed- and floating-rate deal early in the week. Of significance, HSBC joined Credit Suisse First Boston and JPMorgan Securities as joint leads, marking HSBC's first lead mandate of the year.

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