Although as of press time just $7.3 billion of new-issue ABS supply had priced, a slew of offerings were marketing and slated to price late last or early this week. While home equity supply led the way with $12 billion total making the rounds, much of that is seen pricing this week. Other than home equity, issuance was sporadic, as Capital One, The CIT Group, and G.E. Capital were seen in the primary market.

Capital One had two credit card deals in the market last week, $250 million of 2003-C3 subordinated notes and $500 million of senior paper. Cap One's COMET trust priced the $250 million triple-B rated 10-year notes at 225 basis points over one-month Libor via JPMorgan Securities. Set for a Friday pricing was $500 million of five-year fixed-rate seniors, talked in the 23 to 25 basis point area over swaps via Lehman Brothers and Wachovia Securities.

The equipment lease sector saw a pair of offerings throughout last week, with CIT pricing a $741 million primarily fixed-rate deal and G.E. Capital was set to price $375 million of floating-rate supply. The CIT deal, led by JPMorgan and Wachovia, priced its one-year A2 class to yield 16 basis points over EDSF, or 1.495% and a two-year floating-rate A3 at 16 basis points over one-month Libor. G.E.'s offering, led by Citigroup Capital Markets and Deutsche Bank Securities, was marketing its one-year A2 floater at eight basis points over one-month Libor and its two-year A3s at 16 basis points over Libor.

Leading the home equity sector was the market's leading issuer by volume, GMAC-Residential Funding Corp., which priced three mortgage-related ABS. The high LTV RAMP 2003-RZ4 offering, via Banc of America Securities and Bear Stearns priced early in the week, after being announced and marketed the week previous week. Late in the week, RAMP 2003-RS8 priced through JPMorgan. Also, the RFMS II 2003-HS3 home equity deal priced via Deutsche Bank. All told, GMAC-RFC contributed over $3 billion of mortgage ABS supply.

AmeriQuest Mortgage had introduced a $1.5 billion of 2003-3X notes from its Argent retail originations shelf through Citigroup and Morgan Stanley. Argent's 2.7-year AV2 class was talked in the 38 basis point area over one-month Libor, with its two-year fixed-rate AF2 talked in the 75 basis point area over swaps.

Northern Rock's Granite trust sold $2.1 billion of U.S. dollar denominated supply as part of a $3.2 billion (equivalent) global U.K. RMBS via Lehman and JPMorgan. Also, Kensington Mortgage, one of the first U.K. subprime mortgage lenders, tacked a $408 million dollar class to its $650 million (equivalent) offering. The of 0.8-year A1 floater priced at two basis points over one-month Libor, inside of initial guidance.

Accredited Home Lenders was back in the market with its second home equity ABS of the year, via Credit Suisse First Boston - its first securitization without Lehman as lead manager. Lehman was, however, a co-manager. Backed by a full Ambac wrap, the three-tranche floating-rate deal was seen pricing this week.

Contributing to the mortgage supply were principal finance shelf offerings from Bear, Citigroup, CSFB and Lehman, to name a few.

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