The U.S. ABS market was led last week by a trio of top-tier issuers, as sector benchmarks Sallie Mae, Saxon and MBNA all brought deals. As has been the case early this year, investors have had a strong bid for leading issuers, as deals priced in line with guidance. The primary market priced $3.3 billion last week, down from the $5.2 billion in a flurry of post-Arizona supply, as numerous bid lists circulated.

The top deal of the week came from USA Education, issuance arm Sallie Mae, selling $1.53 billion of 2.5-year, 7.3-year senior and 11.5-year single-A-rated floaters through Credit Suisse First Boston and Merrill Lynch, jointly. The $873.95 million A1 class came in at three basis points over three-month Libor with the $615.7 million A2s pricing at 11 over, each at par. The single-As priced at 47 basis points, also over three-month Libor.

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