The U.S. ABS primary market churned out over $13 billion in new supply last week as the credit card sector finally began to show signs of life.
Credit card ABS accounted for more than $3 billion of total volume, a promising sign for the less than voluminous sector. World Financial Network was in the market with a pair of offering for the week, each backed by its retail private label collateral. Both transactions came via joint leads Credit Suisse First Boston and JPMorgan Securities. The triple-A notes for the $450 million two-year 2004-B offering priced within guidance at 10 basis points over one-month Libor. The triple A notes on the $393.7 million seven-year 2004-C transaction also came in on target at 20 points over Libor. Additionally, subordinate spreads were five points inside of guidance on both deals, clearing 65 and 60 points over Libor, respectively.