U.S. ABS activity picked up last week, as $4.45 billion of supply priced as of press time with an additional $6.67 billion slated for completion Friday. Including the $1.6 billion of non-conforming MBS to hit, the primary market saw $12.7 billion last week ($11.1 billion excluding non-conforming MBS).

The week kicked off with Capital One Financial's first credit card ABS of the year, a triple-B rated fixed-rate note through joint leads Citigroup Global Markets and Wachovia Securities. Cap One COMET 2004-C1 priced at 89 basis points over swaps, at the tight end of guidance in the 90 basis points area, to yield 3.432%, following an increase in size to $200 million from the initial $150 million.

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