Although as of press time just $7.3 billion of new-issue ABS supply had priced, a slew of offerings were marketing and slated to price late last or early this week. While home equity supply led the way with $12 billion total making the rounds, much of that is seen pricing this week. Other than home equity, issuance was sporadic, as Capital One, The CIT Group, and G.E. Capital were seen in the primary market.
Capital One had two credit card deals in the market last week, $250 million of 2003-C3 subordinated notes and $500 million of senior paper. Cap One's COMET trust priced the $250 million triple-B rated 10-year notes at 225 basis points over one-month Libor via JPMorgan Securities. Set for a Friday pricing was $500 million of five-year fixed-rate seniors, talked in the 23 to 25 basis point area over swaps via Lehman Brothers and Wachovia Securities.