After a quarter-end push, followed by a two weeks of issuance dragged down by two major holidays, the asset securitization market began to chug back to life again last week. Market players expected primary issuance to hit around $12 billion for the week, about half of which priced by press time last Thursday.
Aside from the usual suspects, last week's issuance pipeline featured several tightly priced auto and credit card sector transactions. The COMET 2006-A13,a credit-card deal, came to market via Banc of America Securities. The bank snagged pricing at two basis points below the one-month Libor, on the deal's only tranche, a triple-A rated 2.99-year piece.