Asset-backed new-issue supply returned to the summer norms last week, with just $6.25 billion pricing in rather challenging conditions. If this week's Scorecard section looks bigger, however, it is due to the over $3 billion that priced the previous Friday.

Pricing last week were a pair of auto loan deals, each with stories to tell, as Triad Financial brought its first auto loan ABS in three years and Mitsubishi Motor Credit was in with its third auto ABS this year. Meanwhile, it was medium-sized home-equity offerings making the rounds. Even a pair of manufactured housingbacked transactions got done. Last week did see an offering pulled from the table for the time being, as a tobacco litigation settlement deal was yanked by South Dakota.

Triad, a unit of Fairlane Credit which, in turn is owned by Ford Motor Credit Co., brought $825 million of non- and sub-prime loan-backed paper via Banc of America Securities. The Ambac-wrapped offering came in-line with other top tier names in the non-prime sector, which sources said was due primarily to the guaranty.

Mitsubishi sold $559 million of auto loan paper, containing the heavily subtended loans investors shy away from in the current economic environment. Salomon Smith Barney led the all fixed-rate senior/subordinated offering, which cheapened from initial guidance prior to pricing.

In home equity, Wachovia Securities led a $2.3 billion home equity line of credit-backed (HELOC) deal, dubbed Summit PELs, backed by internally originated collateral. Of the total, however, just $310 million of a 6.5-year A1 tranche was offered to investors, who bought at levels of 40 basis points over one-month Libor - the tight end of guidance.

Wachovia also had the books on a $294 million 2002-CB4 offering from C-BASS, backed by the usual mix of acquired mortgage collateral. C-Bass also saw some widening, as did many of the trades brought to market last week.

Redwood Trust's Sequoia vehicle had a $558 million offering via Greenwich Capital Markets and Morgan Stanley, jointly.

Surprisingly, Sequoia 9, backed by prime collateral, priced in line with guidance without an extended marketing period.

Amid massive manufactured housing supply hitting the secondary in the form of numerous bid lists in the wake of Conseco Inc.'s announcement that it would once again restructure debt, Lehman Brothers priced Thursday $101 million of GreenPoint Financial-originated MH contract-backed notes. In the market since the previous week, spreads had to widen - particularly down in credit - as double-A rated notes moved out to 125 basis points over one-month Libor, from initial talk in the 75 basis point area.

Vanderbilt Mortgage, the top underwriter of MH loans, also saw some difficulty with its $500 million 2002-B offering via Credit Suisse First Boston. Spreads out on the curve widened 20 to 30 basis points for three-, five-, and 8.8-year notes, versus initial guidance.

The $159 million tobacco litigation settlement deal in the market for South Dakota was pulled, as governor Bill Janklow said the terms of the deal did not favor the state right now. The Associated Press reported that initial estimates had the state believing it could reap as much as $270 million from the securitization. The Bear Stearns-led offering is expected to return to the market at some point however.

As of press time, GMAC-RFC was back in the market with its third transaction in two weeks and the second from the RAMP shelf in that time. The $613 million 2002-RS4 offering is being led by Deutsche Bank. And MSDW Capital had a $472 million high-net-worth HELOC-backed deal via Morgan Stanley. Sources said each were expected to price Friday.

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