The U.S. ABS market returned to the office for last week's holiday-shortened session to see just $5 billion of new-issue supply hit. After what was a fairly slow end of August, the primary market is expected to pick up significantly throughout September. Without trying to sound redundant, home equity supply made up the bulk of last week's issuance, something exacerbated by the void of alternate supply.
Outside of mortgage-related activity, just one deal each made the rounds in the auto loan and credit card sectors, from AmeriCredit Corp. and Bank One N.A. Meanwhile in mortgage ABS AmeriQuest Mortgage, Centex Corp., and NovaStar Financial combined to price $2.74 billion of home equity paper. Saxon Asset Securities was expected to price a $980 million offering late in the week.