The securitization market's mood remains palpably apprehensive, but last week several issuers resigned themselves to the reality of having to accept wider spreads. So, they completed a handful of student loan, credit card, equipment and subprime auto loan deals. Granted, issuance failed to amount to more than $4 billion, among those deals, but several market participants withstood market conditions to get things done.

AmeriCredit Auto Receivables Trust priced a $1 billion transaction, secured mainly by subprime auto loans. Rated triple-A throughout, with the exception of a P-1'-rated short-term piece, the deal carried an FSA wrap. A tranche with a 0.85-year duration priced at 55 basis points over Libor, while a 3.22-year piece came in at 80 basis points over the benchmark. Credit Suisse, Lehman Brothers and UBS acted as lead managers on the deal, as Barclays Capital, Deutsche Bank Securities and Wachovia Securities took up the co-manager role, according to AmeriCredit Corp.

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