New-issue supply slowed to roughly $6 billion ahead of the Thanksgiving holiday, as offerings from the previous week exited the pipeline and only a few issuers tapped the market prior to Wednesday. The most visible names to price last week were Big-Three captive auto lender Daimler-Chrysler N.A. Holdings and MBNA America Bank, which bought its 12th triple-A credit card ABS of the year.
DaimlerChrysler offered $2 billion in supply via Deutsche Bank Securities, JPMorgan Securities and Morgan Stanley, just its second deal of the year. Daimler's one-year A2 class priced to yield six basis points over EDSF, one point inside of guidance, but the 1.9-year A3 class priced at eight over EDSF, versus talk in the seven basis point area. Three-year A4 paper priced to yield seven basis points over swaps, in line with expectations.