The U.S. ABS market had a solid week to price over $10 billion as investors rushed to spend money that has been sitting on the sidelines ahead of the New Year.
Aegis Mortgage was in the market with a $976 million offering backed by home equity via lead manager Bear Stearns. The one-year triple-A rated notes cleared at 15 basis points over one-month Libor. The three-year senior notes priced at 27 basis points over Libor and the mezzanine class M2 with a five-year average life priced at 100 points over Libor. The subordinated B3 class came in at 285 basis points over one-month Libor.