Just $4.5 billion of domestic new-issue ABS supply priced in the holiday-shortened U.S. primary market last week. Assuming trades that had yet to price as of press time, U.S. volume for the week was at $7.9 billion. Supply was fairly balanced last week, all assets represented in one way, shape or form.
Earnings news and secondary trading overshadowed the primary, following disappointing earnings from AmeriCredit Corp., the largest independent auto lender in the U.S. and one of the most ABS-reliant issuers in the market. More of the same is expected this week, as five issuers, including The Metris Companies, are slated to announce Q402 results.