New issues rushed into the primary market last week, as volume topped $14.5 billion with just two weeks to go before the asset-backed market shuts down for the annual ABS East conference in Boca Raton, Florida. Over $7.5 billion of home-equity supply made the rounds, of which nearly $4 billion was originated by the same mortgage lender. Student loan collateral topped $3 billion and "other" assets accounted or another $1.7 billion.

The largest offering seen last week, $3 billion (USD equivalent) of student loan ABS from Sallie Mae, its tenth term ABS of the year, showed how SLM Corp continually has expanded its investor base throughout the year. The deal offered dollar, euro, sterling and auction-rate securities via the three-way lead of Credit Suisse First Boston, Deutsche Bank Securities and Merrill Lynch.

Just one class, however, was for domestic term ABS investors - $500 million of 11-year floaters - which priced at 16 basis points over three-month Libor. Sallie's euro and sterling classes, suited towards the overseas investor, were each long-dated, fixed-rate paper.

GMAC's Education Loan Funding unit priced its second-ever offering, $100 million via Citigroup Global Markets. The single 3.3-year A1L class priced at 10 basis points over three-month Libor. Additionally College Loan Corp. was marketing $1.3 billion of a 2003-2 deal via Citigroup and UBSWarburg, jointly. CLC 2003-2 was seen pricing mid-to-late this week.

Just one auto-loan ABS was seen last week, but it was a biggie. Bear Stearns' Whole Loan Auto Loan Trust had a $3 billion fixed-rate offering, backed by acquired loans originated by DaimlerChrysler (32.3%), Ford Motor Credit and GMAC (33.8% each). The second-ever WALT securitization features one change from last December's $2.9 billion 2002-1 offering - a more diversified pool. The previous collateral pool consisted of Ford, GMAC and Ford-owned AB Volvo-originated loans, split three ways.

Spreads for WALT 2003-1 were in line with the captive issuers which originated the loans. WALT A1 triple-A, with a one-year average life, was talked in the eight basis point area over EDSF. The two- and three-year A3 and A4 seniors were talked in the 10 and eight basis point areas over swaps, respectively.

The credit card sector continued at its steady pace, driven by reverse inquiry interest. Early in the week, Chase Manhattan Bank sold $1 billion of five-year floating-rate 2003-5 paper, in a deal that was increased from an initial $750 million. Floating-rate seniors priced at 12 basis points over one-month Libor, with single-A B notes pricing at 21 basis points over. Triple-B subs priced with a 92 basis point coupon to one-month Libor.

MBNA America Bank, which issued three transactions in three separate countries last week, was shopping $150 million of single-A rated five-year paper via Deutsche Bank to U.S. investors. The 2003-B5 notes were being marketed in the 37 basis point area over one-month Libor. Pricing was expected Friday, with an increase in size likely.

Dutch construction equipment manufacturer CNH Global completed its first wholesale dealer floorplan ABS, in a pair of offerings from its new trust via Merrill and Societe Generale. Totaling $1.4 billion, CNH sold $521 million each of two- and three-year notes, pricing its two-year seniors at 20 basis points over one-month Libor and its three-year seniors at 30 basis points over. Single-A subs widened prior to pricing, clearing at 75 basis points over Libor for two-year and 100 basis points over Libor for three-year supply.

Three different home equity offerings last week were backed by New Century Financial originations, two of which came from dealer principal vehicles. New Century's offering, just its fourth term securitization of the year, totaled $1.4 billion in size. Meanwhile, proving the favorable pricing in the whole loan market throughout the year, Morgan Stanley and Deutsche Bank each had large transactions backed by New Century loans.

New Century 2003-4, led by UBS Warburg, wrapped up early in the week, after being introduced the previous week. The 2.8-year triple-A floater priced at 38 basis points over one-month Libor and the 4.8-year triple-A floater priced at 55 basis points over one-month Libor, both outside of price guidance.

MSAC 2003-NC10 via Morgan Stanley, priced inside of New Century's own offering, thanks in part to the presence of Countrywide Home Loans Inc. as servicer. The 6.2-year floating-rate senior priced at 53 basis points over one-month Libor. A 2.8-year A1 class was pre-placed and no terms were available.

Deutsche Bank's ACE Securities shelf, which had yet to price as of press time, was set to wrap up an $840 million deal, backed by New Century collateral.

Also, Fifth Third Bank completed its first-ever HELOC ABS, a $902 million three-year 2003-1 deal via Lehman Brothers, which priced at 25 basis pints over one-month Libor, at the tight end of guidance.

Option One Mortgage was set to price $741 million of 2003-6 notes via Banc of America Securities, Banc One Capital Markets and RBS Greenwich Capital as joint leads. AmeriQuest Mortgage was also out with $1.2 billion of paper, its tenth from the AMSI shelf, via Deutsche Bank and Merrill, set for this week.

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