The U.S. primary ABS market was relatively slow last week as the bond market took the day off on Thursday in observance of Veteran's Day. As of the market's close on Wednesday, total new issue volume was at roughly $5.2 billion but several deals were expected to price on Friday.

During the early part of the week, real estate ABS held its place at the top to price over $3.2 billion, relative to $4.5 billion the week prior. Countrywide Home Loans was in the market with a roughly $1 billion HELOC offering. The transaction came fully wrapped by XLCA, marking the monoline's first HELOC venture (see related story, page 1). Both classes, each with a 2.55-year average life, priced in line with expectations at 30 basis points over one-month Libor.

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