Despite the distraction of having the mammoth $11 billion triple-A corporate-bond offering from General Electric Credit Corporation (GECC) competing for investors' attention last week, the ABS market made a respectable showing, particularly in the home-equity debt arena.
Adding yet another HEL asset-backed to the already jam-packed new-issue calendar, Residential Funding Corp., a unit of GMAC, was in the market with a $1.9 billion RASC 2002-KS2 offering via Banc of America Securities, and two triple-A floaters. Subordination for both the fixed- and floating-rate classes go through triple-B, and the offering was backed by subprime home loans. Centex also launched and priced its home-equity loan securitization last Tuesday, a $423 million deal completed via BofA. The 2002-B offering contains six fixed-rate seniors, one of which is a non-amortizing senior and seven subordinates, down through triple-B.