As market participants recovered from the long holiday weekend, U.S. ABS primary issuance slowed to an indolent trickle. Total volume was a meager $1.8 billion, with only $1.3 billion actually pricing. Analysts expect the calendar to build quickly over coming days as issuers begin to ready their transactions for the market, according to a report from Credit Suisse First Boston.

Real estate ABS led the week with close to $1 billion in total volume, of which $389.3 million had yet to price as of Thursday afternoon. The lone issuer that managed to get something done was Countrywide Home Loans, which came with a $640.6 million series 2004-A HELOC transaction. The floating-rate FGIC-wrapped deal was a reopening of a $1.01 billion transaction that priced in February.

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