The U.S. primary ABS market was relatively subdued last week, pricing roughly $7.5 billion in new issues heading into the winter conference season. The home-equity sector dominated the calendar, accounting for $5.1 billion of total volume as of Thursday's market close.

GMAC-RFC came with a $975 million offering backed by program exception MBS via RBS Greenwich Capital. The fixed-rate three-year triple-A rated notes priced on the tight side of guidance at 18 basis points over swaps versus talk in the 18 to 20 basis point range. Spreads gapped out on the AI6 senior notes, with a 6.59-year average life, which priced at 45 points over swaps relative to guidance in the 40 to 43 basis point range over swaps. The fixed-rate MI4 mezzanine class priced in line with indicative levels, with the 6.59-year notes hitting on target at 195 basis points over swaps. The 4.17-year MII2 floaters priced within guidance at 80 points over one-month Libor versus talk in the 80 to 85 basis point range. Further down in credit, the triple-B plus rated floaters also priced in line with guidance at 150 basis points over Libor.

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