ABS West conference attendees evidently made the most of their time in Arizona, with the U.S. ABS primary market on track to price over $18 billion in new issuance for the week as of last Thursday. Despite the deluge of supply, spreads held firm across sectors.
Bay View Acceptance Corp. tapped the market for $232.1 million of nonprime auto paper via Barclays Capital with a MBIA wrap. The one-year notes priced tight at two basis points over EDSF versus guidance set in the three basis point area over EDSF. The two-year notes also priced inside guidance at six points over swaps relative to talk in the seven to eight basis point range over swaps area.