Following its recent equity IPO, Irvine, Calif.-based lender Encore Mortgage Corp. came to market with its first stand-alone securitization last week, a whopping $1.6 billion home equity deal last week.

The all floating-rate deal was issued from the Encore Credit Receivables Trust Series 2005-1 and priced in the midst of some of the tightest spreads ever seen in the home equity market. The deal was lead by Countrywide Securities Corporation, itself a leading issuer and underwriter of home equity ABS, as it tries to increase its volume of third-party mandated deals. Co-manager on the deal was Wachovia Securities.

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