Over $11.6 billion in ABS supply hit investors' desks last week, as the home-equity deluge continued. With approximately one month before Thanksgiving, there is no slowdown in sight in terms of issuance. How fast these transactions are executed, however, is another matter.
Top-tier credit card and auto names have had no problem blowing out the door, as recent transactions from Citibank, MBNA Bank America, Sallie Mae and Toyota Motor Credit wrapped up within a day of being announced. Yet down-in credit and headline-risk susceptible deals needed extra work to price.