Primary ABS issuance remained strong last week, with $14 billion in supply making the rounds, $11 billion of which had priced as of press time. For the first time in a long time, credit card supply dominated the calendar last week, with high quality offerings quickly tapping the market, with some seeing increases in size.

On the week, American Express, Bank One, Barclays plc and Advanta Corp. each priced transactions, with Bank One completing four deals from its BOIT issuance vehicle, for more than $2.5 billion of the $4.4 billion

in credit card supply seen through last Thursday.

Bank One's offerings consisted of $2 billion in triple-A seniors, split between three- and five-year tenors as well as $400 million of 10-year and $150 million of five-year triple-Bs. In a rare move for captive credit card issuers, Merrill Lynch acted as joint lead on the $400 million 10-year 2003-C3 sub offering.

Spreads for the senior classes, both of which were increased to $1 billion from $750 million, came in in-line with guidance, pricing at five basis points over one-month Libor for three-year and 11 basis points over for five-year paper. The triple-B classes, also pricing within guidance, cleared at 103 basis points over one-month Libor for five-year and 132 basis points over swaps for the fixed-rate C3 class.

American Express, however, saw the tightest print in the credit card sector last week, with its fourth credit account master trust deal of the year offered via Citigroup. Three-year fixed-rate triple-As priced to yield three basis points over swaps, with single-As pricing at 25 basis points over swaps.

Barclays' GraceChurch U.K. credit card trust sold $1 billion of three-year notes to U.S. investors. GraceChurch Funding 4 floating-rate seniors priced at five basis points over one-month Libor, with single-As pricing at 30 basis points over Libor.

For investors seeking more yield than the likes of Amex and Bank One offer, Advanta priced $289 million of 2003-B notes via Deutsche Bank Securities. The three-year triple-As priced at 35 basis points over one-month Libor, tighter than the initial guidance in the high 30 basis point area. Single-A rated subs cleared at 165 basis points over one-month Libor, also inside of the high 100 basis point area forecast.

A pair of auto-related transactions hit the market for a total of just $600 million. Avis Group Holdings fleet lease securitization vehicle AESOP Funding II priced $500 million of fixed- and floating notes of various maturities, backed by a full XL Capital wrap, via joint leads Bank of America Securities and Barclays Capital. Three-year A1 class notes priced at 23 basis points over one-month Libor. There was insufficient demand for the three-year fixed-rate class, which was dropped prior to pricing.

Southfield Michigan-based subprime auto lender Credit Acceptance Corp. was marketing, but had yet to price, $100 million of a one-year Radian wrapped fixed-rate 2003-1 Rule 144A transaction via sole lead manager Wachovia Securities. Late last week, Wachovia was showing the first term securitization for the issuer. Previously, Credit Acceptance had sold receivables into Wachovia's multi-seller conduit, most recently closing $75 million in financing last October.

In the home equity sector, a spate of supply hit late in the week to boost the weekly total to $6.1 billion. Deals from Wachovia, Delta Funding, Redwood Trust and GMAC-RFC priced earlier in the week, with Chase Manhattan Bank, Citigroup and Credit Suisse First Boston bringing self-led deals. GMAC-RFC continued its quarterly rush, with yet another RAMP high LTV ABS. GMAC-RFC priced $1.3 billion of 2003-RS4 scratch & dent notes May 22 and $850 million of 2003-RS3 notes April 16.

Throughout last week, Sallie Mae was showing investors its second private graduate student loan ABS of the year. Backed by loans made to law, medical and business school students, SLMA 2003-B was set to price this week via Citigroup, Deutsche Bank and Merrill Lynch, well inside of the 2003-A deal, which priced March 6. Series 2003-B 2.5-year A1s were talked in the five basis point area over three-month Libor, versus the 11 basis point spread to Libor that Sallie's comparable 2003-A A1 achieved.

Additionally, South Carolina Student Loan Corp. was marketing $275 million of auction rate notes via student loan specialist W.R. Hough. GE Capital Corp. continued to shop its commercial loan ABS via Wachovia, a deal that has been in the market throughout the month.

Mt. Laurel-based Marlin Leasing brought its first office-equipment ABS of the year through Deutsche Bank. Offering investors lower-rated, short-dated supply, Marlin's most senior A tranche, with a 1.5-year average life, is rated single-A. Subordinated notes, which offer 15.75% of enhancement to the seniors, are rated triple- and double-B, respectively.

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