Trade Matrix: Barclays — ABS

New supply of credit card ABS market was strong in April and insatiable investor demand caused spreads to grind tighter. Analysts see good value in the subordinate single-A and triple-B rated classes from benchmark credit card issuers, as the expected deterioration in credit card asset quality has slowed and stabilized. Yield hungry, cash rich investors have re-entered the market and demand for subordinate ABS classes has increased significantly.