Credit card ABS issuers poured significantly greater amounts of new paper into the securitization market so far this year. From January through Feb. 11, about $19 billion in card ABS deals were completed, according to the ASR Scorecard database. Other industry tallies put issuance at about $13 billion, but either figure easily outpaces the $10 billion that was done in the same period the year before.
The activity also underscored how heavily the securitization business has come to rely on the consumer ABS sectors to keep business going. Credit card issuance has accounted for almost 60% of total issuance so far this year, according the ASR database's figures.