ABS Issuance Robust in May

A recent S&P research note stated that year-to-date ABS issuance totaled $102 billion, representing an increase of over 29 percent YTD.

ABS issuance in May totaled $23 billion, with $10 billion coming from heavy auto ABS issuance. Credit card issuance followed with $5 billion, with YTD at $27 billion, up 162 percent year over year. Floorplan issuance hit the highest monthly volume in more than three years, totaling $3 billion for the month of May. Additionally, nontraditional issuance totaled $3 billion and equipment issuance totaled $2 billion; there was $1 billion in consumer loan issuance, and $1 billion in student loan issuance.

S&P notes that while it is difficult to isolate what is driving increased issuance in 2017, it believes that the conditions for issuers have been ideal with tight spreads offering attractive financing levels and overall rates that remain relatively low.

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