Green Tree's ABS keeps blooming, as the firm looks to securitize upwards of $1.8 billion of mortgage-related ABS before spring melts into summer.

The Conseco-owned, St. Paul-based issuer will come to market with another manufactured housing deal via Merrill Lynch, a home equity transaction led by Lehman Brothers, and possibly a mixed bag recreational consumer product deal by the end of June, said a source close to the firm.

"Investors can expect our normal slate of offerings," said the source, adding that deal size looks to be similar to recent transactions.

Green Tree was last in the market with a moho deal in the beginning of May. The $764 million offering priced on the tight end of premarketing levels under good investor demand. The two-year piece tacked up 70 basis points above the bench and the three-year garnered 75 over the curve.

Prior to that, the firm brought a $1.3 billion home equity deal to market in February which contained 13 tranches. The three-year piece priced at 98 over the bench, and the two-year sold at 83 above the curve.

The mixed-bag recreational product transaction, which will contain collateral from aircraft, trucks, RVs, motorcycles, pianos, jet skis, boats, sport vehicles, and horse trailers, should ring in at around $210 million. The underwriter looks to be Lehman Brothers, as Green Tree rotates between that firm and Merrill Lynch.

- SK

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.