What began as a relatively slow week turned into a melee of transactions last week, as several deals popped into the pipeline Wednesday and priced before Thursday's market close. Of note, real estate ABS - with $9.8 billion priced or marketing - has regained its status as the predominant asset class, following a slight break in pace.

AmeriQuest Mortgage priced a $974.4 million series 2004-R5 transaction via Banc of America Securities, Credit Suisse First Boston and Deutsche Bank Securities. The three-year triple-A rated A3 notes priced at 27 basis points over one-month Libor, wider than guidance in the mid-20 basis point area. Also of note, the triple-B rated subs cleared at 245 basis points over Libor, in line with guidance.

First Franklin Mortgage hit the market with a $635.5 million series 2004-FF4 transaction via Barclays Capital, a first-time mandate for Barclays. The 2.78-year A2 senior notes priced at 29 basis points over one-month Libor, in line with guidance in the 30 basis point area. First Franklin's triple-Bs, meanwhile, priced inside of AMSI 2004-R5, at 225 basis points over Libor.

Auto ABS had a somewhat sluggish week after setting the pace in the preceding weeks. The only related transaction, a $212 million offering from truck manufacturer Navistar Financial's wholesale dealer floorplan shelf via Banc of America, was the only activity in the sector. The series 2004-1 transaction came in at the tight end of price talk, with the three-year triple-As pricing at 20 basis points over one-month Libor. Double-A rated subs priced at 82 basis points over Libor.

Of the $2.9 billion in new-issue credit card paper to hit the market last week, $649.9 million came from Providian Financial's Gateway Master Trust via JPMorgan Securities. The two-year triple-A rated notes priced within guidance at 19 basis points over one-month Libor. Double-A rated B notes, also dated two years, also priced in line with guidance at 40 basis points over Libor. Subordinated triple-B rated D paper priced at 140 basis points over Libor, also at the tight end of guidance.

MBNA America Bank rounded out the credit card sector last week, with BofA and CSFB acting as joint leads on the $500 million MBNA Series 2004-A6 offering, which priced a seven-year single-tranche offering at 14 basis points over Libor.

Business Loan Express tapped the market with a $200 million SBA loan-backed deal via Wachovia Securities. The 5.6-year triple-A rated notes came in at the tight end of guidance at 43 basis points over one-month Libor, relative to talk in the 45 to 50 basis point range over one-month Libor.

As of press time, Wachovia Securities was still marketing its $114.5 million pooled aircraft lease deal from its Wraps shelf. It was still making the rounds with a pre-set coupon in the 45 basis point range for the single-A rate notes, and offered with a discount margin in the 150 to 160 basis point area over one-month Libor.

In addition, the long-awaited $790 million stranded cost ABS from TXU Electric Delivery Transition Bond was slated to price late last week via Merrill Lynch and Wachovia (see related story, p. 14).

With the second time-share ABS in as many weeks, a Marriott ABS vehicle, Marriott Vacation Club Owner Trust, came to market with a $150 million four-year, fixed-rate time-share deal via CSFB and Citigroup Global Markets. The triple-A rated senior notes priced tight, yielding 60 basis points over swaps versus guidance in the mid-60 basis point area. In a similar vein, the double-A rated B notes, also with a four-year tenor, priced at 85 basis points over swaps, inside guidance in the 90 basis point area over.

Copyright 2004 Thomson Media Inc. All Rights Reserved.

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