UNITED STATES

摘要

New ABS issuance continues to chug along amid the overall bullish tone, as more than US$6bn was priced in the market last week. Overwhelming demand is allowing sponsors to test tighter spreads, though there was a bit of investor pushback in the subordinate class of last week's lone prime auto trade. So far this year issuance is US$51.9bn -ahead of last year's pace - which at this time was US$46.9bn. Citigroup, Bank of America and JP Morgan are the top three underwriters with market shares of 17.4%, 14.9% and 13.2%. Excluding self-funded issuance, 2014 volume is US$42.5bn - and Bank of America, Credit Suisse and JP Morgan hold those top spots with market shares of 14%, 13.4%, and 12% respectively.