The U.S. ABS primary market posted another extraordinary week, generating $23 billion in issuance and continuing the predicted flood of paper as issuers rushed to get deals finished before the Jan. 1 implementation date of the Securities and Exchange Commission's Regulation AB.

The biggest deal to price last week was a gargantuan $3 billion securitization of Stafford plus non-consolidation student loans from Sallie Mae. Bank of America Securities, Merrill Lynch and Wachovia Securities led the deal. The one-year tranche of the transaction priced at three basis points under three-month Libor, one basis point tight to guidance, while the three-year tranche priced one basis point over three month Libor, on the outside edge of guidance.

Among other notable transactions, a $2.2 billion home equity securitization from Countrywide Securities made it into the market last week. The one-year floating tranche of the deal priced 10 basis points over one-month Libor, flat to guidance, and the three-year tranche priced 25 basis points over one-month Libor.

Freemont Mortgage brought a $2.1 billion home equity transaction to market via Credit Suisse First Boston. A one-year tranche priced at nine basis points over one-month Libor, flat to guidance, and a two-year tranche also priced flat to guidance at 17 basis points over one-month Libor.

Argent Mortgage Co. was in the market with a $2 billion home equity deal led by Barclays Capital and with a three year tranche priced 23 basis points over one-month Libor, one basis point tight to guidance.

Royal Bank of Scotland brought two credit card deals to market, one a multi-currency deal including U.S. dollar, euro and pound sterling denominated tranches. The transaction was led by Royal Bank of Scotland with RBS Greenwich Capital and featured a $435 million U.S. dollar denominated tranche priced at five basis points over one-month Libor. Royal Bank of Scotland's other credit card deal was a $1.5 billion U.S. denominated deal priced two basis points over one-month Libor for the triple-A, three-year tranche.

Among some of the other deals to make it to market last week was a $1.2 billion student loan transaction from Student Loan Corp. and led by Citigroup Global Markets, a $1 billion deal from American Honda Motor Co. and led by CSFB and JPMorgan Securities and a $1 billion HELOC deal from Countrywide, which also had $922 million and $381 million home equity loans in the market.

Renaissance Mortgage priced an $850 home equity deal, Bear Stearns put $820 million worth of home equity bonds into the market and Goldman Sachs sold a $741 million home equity deal. GE Capital had two deals in the market, one a $768 billion securitization of business loans and the other a $725 deal out of its small ticket equipment loan trust.

Friedman Billings Ramsey had a $769 million home equity deal in the market, MBNA priced a $500 million credit card transaction, while GMAC had a deal each out of its RASC trust for $380 million and its RAMP trust for $408 million. Lehman Brothers priced a $531 million home equity deal and CarMax Business Services had a $450 million auto securitization in the market. Meanwhile, infrequent issuer Bluegreen Corp. had a $200 million timeshare deal in the market.

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

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