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.

Chase priced $1.1 billion of fixed- and floating-rate paper from its internally originated collateral CFAB shelf via JPMorgan Securities. Lehman Brothers priced $1 billion from its SAIL principal finance shelf and Morgan Stanley priced $627 million off its MSAC shelf.

Countrywide Securities had a busy week of underwriting, having led a $923 million offering from Fannie Mae's FNW program, a $469 million Alt-A deal from Impac Mortgage, a $393 million deal for IndyMac Mortgage plus $277 million of its internally originated collateral. In total, Countrywide led over $2 billion of home equity ABS last week.

Chase led the auto sector, with a $1.5 billion prime loan transaction, but Onyx Acceptance represented the non-prime sector and Susquehanna Bancshares priced its second-ever auto lease deal.

The second auto offering of the year from Chase priced in-line with guidance, with the exception of the two-year class, which, as has been the case throughout the year, widened on the sustained rally in underlying rates. With the one-year A2 pricing at four basis points over EDSF, the two-year A3 priced to yield seven basis points over swaps. Three-year A4 notes priced at four basis points over swaps and the single-A rated subs, with a 2.76-year average life, priced at 27 basis points over swaps.

Onyx came to market with its third subprime auto deal of the year, a $400 million offering backed by a full XLCA wrap. Credit Suisse First Boston, which has shown a knack for placing XLCA-wrapped paper, acted as lead manager on the deal. Onyx priced its one-year A2s at 10 basis points over EDSF, a touch outside guidance in the nine basis point area over. Two-year A3 and 3.26-year A4 notes priced at 16 basis points and 21 basis points over swaps, respectively.

And the $233 million auto lease subs from Susquehanna priced via Barclays Capital after a lengthy marketing period. The short-end of the curve and long-dated triple-Bs came in as expected, with some widening seen in the two-year senior A3 and 2.93-year single-A rated B notes. The triple-A A3 class priced at 58 basis points over swaps, versus guidance in the 50 to 55 basis point area. The single-A B class priced to yield 145 basis points over swaps, out from initial talk in the 100 basis point area.

The credit card sector priced a pair of senior classes from Bank One and MBNA America Bank. Bank One, with a $500 million fixed-rate triple-A five-year A7 class, priced at seven basis points over swaps. MBNA priced $750 million of seven-year senior floaters at 19 basis points over one-month Libor via CSFB and Morgan Stanley.

Aviation Capital's second-ever aircraft lease securitization (the first having priced in November 2000), totaling $1.026 million had yet to price as of press time. Backed by a partial MBIA wrap and led by Wachovia Securities, Aviation Capital II was making the rounds with its 4.9-year senior G1 class in the 70 basis point area over one-month Libor and 6.9-year G2 class in the 80 basis point area over Libor.

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