Last week's asset-backed market might have been the heaviest market year-to-date, with more than $8.5 billion in issuance (June 15-22). A truly impressive run, sources say, though from here to quarter-end looks relatively quiet.

Last week, auto ABS remained a dominating force, with $4.3 billion, just about half the damage.

A noteworthy transaction: priced a $244.5 million auto deal, the issuer's only transaction since it broke ground last fall as the first-ever to securitize. The deal, wrapped by Financial Security Assurance (FSA), was backed by loans 100% originated online through the web site. The deal had four tranches with averages lives ranging between 0.17-years and 2.84-years.

Said one trader who didn't realize this was PeopleFirst's second deal, "It got pretty good execution I would say, based on the fact that it's a first time issuer and its backed by Internet stuff which is something that we haven't had before."

First Security also came to market with a $1.5 billion auto-backed deal managed by JP Morgan. Because the abundance of auto paper seen in the market lately, the deal priced wide of talk, said another trader.

"It got very decent execution, considering it's an infrequent issuer," the trader said.

Residential Asset Mortgage Products came to market with a $942 million home-equity deal, insured by Ambac Assurance Corp. The deal, which was divided into two parts, one fixed-rate and one floating-rate, was managed by Bear Stearns. The multi-tranched deal, rated by Standard and Poor's and Fitch IBCA, had average lives ranging from 1.00-year to 8.76 years.

Also stepping out bravely was Conseco Finance with a FSA insured transaction worth $942 million. The fixed-rate deal marks the first time ever that Conseco has included a wrap in a transaction, demonstrating the issuers need to pay up for credit given its recent financial woes. The deal was managed by Lehman Brothers.

According to research published by Banc of America Securities, longer-term fixed-rate home-equity paper continues to trade at wide levels. In auto-backeds, spreads were a little softer than the week prior, due to the robust auto supply that previously hit the market.

Worth mentioning was the credit-card transaction put forth by Dillards Inc., showing that private-label credit-card ABS does indeed have a bright future this year (ASR 6/19/00). The $200 million deal had a subordinate class that was retained by the seller.

Outside of the home-equity and auto sectors, little activity was seen. One trader blamed this on the fact that so much issuance came through last week.

"Their accounts are probably still digesting all of that supply from last week," the trader said, speaking of investors in the market. "There are a lot of dealers that are pretty heavy with auto stuff and we're not seeing a lot of focus on that sector because of the fact that we got so much supply this week."

The Pipeline

In terms of market activity for next week, the pipeline seems to be slowly drying up as it typically does when the quarter winds down.

"It doesn't look like there's a whole bunch of supply being worked right now," one industry source said.

Oakwood Homes Corp. is expected to come to market this week, with a $360 million manufactured housing transaction. Currently, the deal is expected to be rated by Moody's Investors Service, with a $290 A-1 tranche.

Also announced were planes by Conseco to bring a $273.6 million fixed-rate deal backed by motorcycles, recreational and marine vehicles.

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