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.

Countrywide Home Loans priced $1.2 billion in traditional home equity. The triple-A rated senior notes with a one-year average life priced with guidance at 15 basis points over one-month Libor. The 6.34-year senior notes priced inside of expectations at 41 basis points over one-month Libor relative to guidance at 42 basis points over one-month Libor. The 4.52-year single-A plus class also priced inside at 105 points over Libor versus guidance at 120 point over Libor. Spreads held firm down in credit as the triple-B plus rated class B notes inside at 170 basis points over Libor versus talk at 175 points over Libor.

Long Beach Mortgage came with a $3.4 billion offering via RBS Greenwich Capital. The one-year triple-A rated class priced at 14 basis points over one-month Libor. The class M2 notes with a 4.97-year average life priced at 53 basis points over Libor. Down in credit, the triple-B minus rated 4.89-year notes priced at 275 basis points over one-month Libor.

Credit Suisse First Boston priced $350 million off of its dealer shelf. The triple-A rated 1.2-year notes priced at 20 basis points over one-month Libor, while the 4.5-year class M1 notes came in at 55 basis points over one-month Libor. The triple-B minus notes with a four-year average life came in at 290 basis points over Libor.

General Electric priced a $465 million equipment offering via Banc of America Securities. The triple-A rated 1.15-year notes priced tight at three basis points over EDSF versus talk at three points over EDSF. Pricing gapped out on longer dated senior notes. The 2.10-year senior notes priced at nine basis points over swaps versus expectations at seven points over Swaps, while the 3.38-year class came in at 15 basis points over swaps versus talk at 10 points over Swaps. The 1.92-year mezzanine class was also outside of expectations at 40 basis points over EDSF after being talked at 30 points over EDSF.

NorthStar Education Finance came with a $1 billion student loan offering via Citigroup Global Markets. The class A1 senior notes priced in line with guidance at 12 basis points over three-month Libor. The seven-year triple-A rated notes were also on target at 21 basis points over three-month Libor. The 11.5-year A3 class came with guidance at 17 basis points over Libor.

E*Trade was also in the market with a $307 million offering comprised of RV and marine collateral via Lehman Brothers (see related story p. 7).

Copyright 2004 Thomson Media Inc. All Rights Reserved.

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