Large offerings in the auto loan, home equity and aircraft lease sectors pushed the US ABS primary market over the $10 billion mark for the first time since mid June. AmeriQuest Mortgage, Chase Manhattan Bank, and aircraft leasing firm Aviation Capital Group all combined for $6 billion of the $10.7 billion that priced throughout the week, joined by a smattering of deals coming in at a billion or less.
But the story once again last week was home equity supply. In the $2.4 billion offering from AmeriQuest, the $373.5 million of subordinates were shopped before bringing some $2 billion of senior notes, including a $1 billion AV1 tranche that was not offered to investors. The fixed- and floating-rate offering was underwritten jointly by Deutsche Bank Securities and Morgan Stanley. To date, AmeriQuest has sold 12home-equity ABS - 11 from its AMSI shelf for a total of $12 billion, and one from its Argent scratch and dent shelf, for $1.2 billion.