The U.S. ABS market continued at a modest pace last week, pricing roughly $9 billion in new-issue supply, focusing on either the mortgage-related or student loan sectors of the market. Aside from a pair of off-the run deals, there were no other asset classes represented throughout last week.
Numerous infrequent issuers made the rounds, however, with a first-time mortgage lender, an infrequent student lender and the second-ever term securitization from the joint venture between General Electric and Seaco. Also, Citibank N.A. priced a 12b-1 fee ABS.