The U.S. ABS primary market priced $14 billion last week in what has been a surprisingly steady pace of issuance so far in the nascent year.

One of the most unique deals on the week was a $6 billion U.K. RMBS, multi-currency deal, $3.7 billion of which was U.S. dollar denominated. The deal was led by Barclays Capital, Deutsche Bank and Merrill Lynch, and priced a one-year, $766 million at three basis points under one-month Libor. The two largest U.S. denominated tranches, a $1.125 billion tranche and a $1.55 billion tranche priced at four basis points over one-month Libor and seven basis points over one-month Libor.

Also in the market with a mammoth securitization was Option One Mortgage with a $3 billion home equity offering via RBS Greenwich Capital. The deal, out of the Option One Mortgage Loan Trust and tagged 2006-1, had not priced as of press time.

Sallie Mae was in the market with its first deal of the year, putting a $2.5 billion offering into the market. The one-year tranche of the deal was being talked in the three basis points under three-month Libor area, while the three-year tranche was being talked flat to three-month Libor and the five-year tranche was being talked in the four basis points to five basis points range. The seven-year tranche of the deal was talked in the ten basis points over three-month Libor area, while the 8.25-year tranche of the deal was being talked in the 12 basis points over Libor area. Goldman Sachs was lead manager on the deal.

General Motors Acceptance Corp. was busy last week with deals out of its RASC and RAMP trusts. The RAMP deal was a $1.2 billion securitization led by Credit Suisse. The deal priced a one-year tranche at eight basis points over one-month Libor, a three-year tranche at 23 basis points over one-month Libor and the 6.5-year tranche at 32 basis points over one-month Libor.

The RASC deal was $822 million in size and priced a one-year tranche at seven basis points over one-month, a two-year tranche at 14 basis points over one-month Libor, a 3.6-year tranche priced at 22 basis points over one-month Libor and a six-year tranche priced at 30 basis points over one-month Libor.

Meanwhile, JPMorgan Securities was out with a $1 billion home equity securitization. The one-year tranche of the deal was being talked in the seven basis points to eight basis points over one-month Libor range, while the three-year tranche of the deal was being talked in the 20 basis points to 22 basis points over one-month Libor range.

Citigroup had a $963 million deal in the market with a one-year tranche talked in the seven basis points to eight basis points over one-month Libor and a two-year tranche talked in the 15 basis points to 16 basis points range over one-month Libor. Nomura Securities had a $911 million home equity loan in the market, with a two-year tranche talked at 15 basis points over one-month Libor and a three-year tranche talked at 22 basis points over one-month Libor.

Triad Financial Corp. had an $822 million auto deal in the market that was being talked in the 4 basis points over EDSF area for the one-year tranche and for the two-year tranche the range was five basis points to six basis points.

Morgan Stanley priced an $810 million transaction backed by home equity loans and with a one-year tranche priced seven basis points over one-month Libor and a three year tranche priced 20 basis points over one month Libor and a 6.5-year priced at 31 basis points over one-month Libor.

Meanwhile, Capital One priced a $500 million deal out of its COMET trust and with JPMorgan as lead manager. The one-tranche deal was seven years in duration and priced 3.5 basis points over one-month Libor.

Bear Stearns, Merrill Lynch and GMAC all had sub-$500 million home equity deals in the market as well, and Ace Securities had a $339 million student loan deal in the market. This concludes the deals of the week.

(c) 2006 Asset Securitization Report and SourceMedia, Inc. All Rights Reserved.

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