The primary ABS market returned with vigor last week, pricing over $6.6 billion in new-issue supply. Mortgage-related product led the way with $4 billion of issuance, mostly from bank's acquired collateral issuance vehicles, with credit cards accounting for $1.3 billion. A pair of student loan deals contributed $1.1 billion. Investors were even graced with an insurance premium transaction and a rental fleet deal.
Fresh off the heels of its positive earnings release, Capital One Financial sold a pair of single-A rated sub tranches from its COMET vehicle, both led solely by Barclays Capital. The three-year offerings saw strong demand that led to increases in size, still with the book oversold.