For the third week in a row, the U.S. ABS primary market has generated around $13 billion in new issues, as the market seems to have hit a robust autumn issuance pace.

UBS brought the week's largest pricing, with a $1.25 billion home equity deal. The one-year priced at 11 basis points over one-month Libor. Encore Mortgage had a $962.1 million home equity deal in the market led by Countrywide Securities and Credit Suisse First Boston. The one-year tranche of the deal priced at 10 basis points over one-month Libor, flat to guidance, while the three-year tranche of the deal priced at 24 basis points over one-month Libor, one basis point tight to guidance.

HSBC unit Household Finance priced a $775 million home equity offering with four, 2.27-year tranches priced to one-month Libor. The triple-A A1 tranche of the deal priced at 26 basis points over one-month Libor, one basis point tight to guidance, while the second tranche priced at 29 basis points over one-month Libor, also one basis point tight to guidance. First Franklin Mortgage was in the market with a similarly sized home equity deal, a $710 million offering led by Goldman Sachs. That deal priced a one-year tranche at 10 basis points over one-month Libor and a two-year at 18 basis points over one-month Libor.

Bear Stearns brought a $617 million home-equity offering to market, with a one-year tranche that priced at 12 basis points over one-month Libor. GMAC-RFC priced a $493 million subprime MBS deal with a one-year tranche priced at 11 basis points over one-month Libor, flat to guidance. First NLC Financial priced a $397 million transaction backed by home equity loans and led by Friedman Billings Ramsey. The two-year tranche of that deal priced 23 basis points over one-month Libor.

Rounding out the deals to price in the real estate sector were a $359 million second lien MBS deal from Merrill Lynch, which priced a 1.18-year tranche at 23 basis points over one-month Libor, and a $240 million BayView Mortgage home equity offering led by Citigroup Global Markets. That deal priced a one-year tranche at 33 basis points over EDSF.

In the auto sector, United Auto Credit Corp. priced a $225 million XLCA wrapped nonprime deal led by Deutsche Bank Securities with a money-market tranche that priced at four basis points over five-month Libor. DriveTime Auto also priced a $149.9 million nonprime deal led by RBS Greenwich Capital, wrapped by MBIA.

Target Corp. priced a $900 million private label credit card offering led by Lehman Brothers, while Capital One Financial brought a $500 million transaction to market with the help of Barclays Capital and Merrill Lynch as leads. Rounding out the credit card sector was Cabela's Inc. with a $250 million deal led by Wachovia Securities.

In off-the-run sectors, Pacific Gas & Electric Co. priced an $845 million stranded cost deal led by Barclays, Citigroup and Morgan Stanley, while Wirefree Partners priced a $135 million, split-rated A-' and BBB+' rated deal via Lehman.

Among the deals left on the table were a gargantuan $3.1 billion FFELP student loan securitization from Sallie Mae, via CSFB and Deutsche Bank, a $575 million home equity deal from SoundView Mortgage and led by RBS Greenwich, a GMAC-RFC offering of $489 million worth of subprime MBS, a $145 million C-BASS deal backed by reperforming MBS and led by Deutsche Bank, and finally a $124 million home equity deal from Bear Stearns.

(c) 2005 Asset Securitization Report and SourceMedia, Inc. All Rights Reserved.

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