ABS issuance last week may have reflected a market preoccupied with the pending gathering in Barcelona as well as the American Securitization Forum's annual meeting, which took place mid-week in New York. With roughly $4.6 billion in new-issue transactions, upwards of $884 million of which was still marketing as of Thursday, primary ABS volume was at low ebb.

In real estate, in an unusual twist, the only deal to price throughout the week was the $1 billion MBIA-wrapped HELOC from Wachovia Bank. The single-tranche 3.09-year triple-A rated floater priced at 22 basis points over one-month Libor, compared with guidance in the 21 to 22 basis point range. Meanwhile, Credit Suisse First Boston was still shopping its $309.28 million senior/subordinated transaction via its ABSHE home equity shelf. Merrill Lynch was also circulating its $574.92 million offering from its SURF issuance vehicle for the second week.

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