The U.S. ABS primary market remained slow last week, as the market retuned from Thanksgiving to make the final stretch in what is already a record-breaking year for supply. Although the ball took a couple days to get rolling again, by mid-week there was over $8 billion marketing, with nearly $7 billion having priced.
Home equity issuance totaled $4 billion, outpacing competing sectors, as the credit-card sector was void of action and autos saw just one offering. The largest deal last week came out of Sallie Mae, which superstitiously named its thirteenth FFELP loan offering of the year series 2003-14. The move was credited to an undisclosed underwriter in the selling group.