Primary ABS activity remained strong last week, pricing $8.8 billion, with an additional $2 billion pending for late in the week. The auto loan collateral continued to flow into the market, accounting for $4 billion of the week's total, as issuers of amortizing assets reportedly sought to tap the market. Strong demand was reported for most issues on profit taking from the investment community, cashing in on tightening throughout the first-half and moving into par-priced new-issues.
Leading the way in autos was Chase Manhattan Bank, which priced $2 billion of 2003-A notes. But programmatic issuers CarMax Inc. and Household Financial were also represented. Additionally, Navistar International Corp., manufacturer of International Trucks sold a sizeable deal.