While $6 billion marketed in last week's U.S. ABS primary market, it was a typically slow summer week of issuance. With $3 billion coming in the form of a large auto loan deal and a couple of offerings that made the rounds but had not been completed as of press time, just $5.25 billion of asset-backed supply priced in an anemic market that saw spreads continue to widen in all sectors.

The most interesting offering was not the largest however, as Freddie Mac brought a $1.15 billion resecuritization of a single tranche of a recently priced deal. The FSPC T-45 offering in the market via Greenwich Capital Markets was actually a re-tranching of the $1.2 billion A2 class of the Ambac-wrapped offering from Bank of America's EquiCredit shelf that priced in mid-June.

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