Congressional leaders and the White House were busy announcing a $150 billion economic stimulus plan that aimed to benefit consumers and businesses last week. The package would deliver stipends of up to $1,500 per household, and give tax incentives for businesses to continue spending.
That news, however, did not seem to make enough of a change in issuer and investor attitudes to ramp up ABS activity for the week. New business flow remained modest. A stranded cost transaction and, for a change, an RMBS deal crept into the securitization pipeline last week, breaking up a week in which issuers and dealers were focused on getting credit card and auto deals done. They were also settling into a new routine of issuance, according to sources.