Content area
Full Text
A holiday-shortened week of ABS trading limited the primary market to just $5 billion of new-issue supply, as no offerings were added to the calendar in advance of Thursday's early market close and Friday's full market close in observance of Good Friday. Home equity ABS made up roughly half of the volume, with credit card and "other" assets making up the difference.
Retailer Circuit City and office equipment provider IKON Office Solutions Inc. brought the respective first public deals of the year, while market regulars GMAC-Residential Funding Corp. and MBNA America Bank each completed transactions. In fact, GMAC-RFC completed a pair of mortgage related offerings from different issuance trusts.
Circuit City sold $450 million of three-year 2003-2 paper via Banc of America Securities and Wachovia Securities as joint leads. Although the single-A and triple-B subordinated classes had...