May started off with the same issuance momentum as that seen in April, with debut issuer quicken loans attracting a decent crowd for a US$1.25bn trade, the largest of four high-yield deals expected to price on Friday. Left lead Credit Suisse was out with 5.75%-6% area price talk on Quicken's US$1.25bn 10-year non-call five issue. "We like it; it's decent credit quality and most of its loans go through Freddie and Fannie," said one investor. "We've seen a bunch of mortgage servicers in the market - issuers like Nationstar - but we have passed on them."
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