The U.S. ABS primary market sprung back to life last week, with more than $18.5 billion shopped to investors, covering the four main asset classes. As of press time Thursday, with a few lingering home equity transactions slated for a Friday pricing, the market had already absorbed over $16 billion. As the market has seen in each of the two previous Friday sessions, the possibility always exists for a week- ending de-linked credit card ABS pricing.
In addition to the more than $10 billion of mortgage ABS that hit last week, the market welcomed names back to the market it had not seen in a while, plus a brand new issuer. A pair of student loan titans went head-to-head, while the market stretched its arms around the first unwrapped subprime auto transaction of 2004.