The ABS primary market generated $20 billion in new issues last week, even as many in the market cooled their heels on summer vacations.
ABS investors had a good selection of credit card, auto and real estate deals to choose from last week, with a healthy number of multi-billion dollar deals. There was even an equipment deal from The CIT Group Inc. via Banc of America Securities and Barclays Capital. Totaling $590 million that deal priced its money-market tranche flat to Libor and its one-year tranche at four basis points over EDSF. The two-year tranche priced at swaps plus five basis points.