In a Herculean effort, the U.S. ABS primary market generated $27 billion in new issues last week, as issuers likely rushed to get deals done before the Thanksgiving-shortened week.

Ameriquest Mortgage priced a $2 billion home equity securitization led by Barclays Capital and JPMorgan Securities. The one-year tranche of the deal priced at eight basis points over one-month Libor. Lehman Brothers priced a whopping $1.7 billion in home equity collateral out of its SAIL trust. The one-year tranche priced at nine basis points over one-month Libor and the three-year tranche priced at 22 basis points over one-month Libor.

Also with a $1.7 billion home equity deal was Wells Fargo Bank, in the market via Goldman Sachs. The deal priced a 2.5-year tranche at 26 basis points over one-month Libor, and a five-year tranche at 41 basis points over one-month Libor. Fremont Mortgage priced a $1 billion subprime MBS transaction via Barclays.

Friedman Billings Ramsey was in the market with a $988 million home-equity offering which priced a two-year tranche at 25 basis points over one-month Libor. Deutsche Bank Securities priced a $200 million program exception-backed deal with a two-year tranche priced at 40 basis points over one-month Libor, flat to guidance. Home Loan Investment Bank had a $170 million deal in the market via RBS Greenwich Capital backed by a full Ambac wrap, which priced its one-year tranche at 10 basis points over one-month Libor.

The credit card sector saw a gallery of mostly single-tranche deals price last week. Of the larger deals was four separate three-year delinked transactions totaling $775 million offering from Providian Financial led by Barclays and Citigroup Global Markets. The triple-A rated deal priced a three-year tranche at four basis points over one-month Libor. Providian also had two $150 million deals and one $125 million triple-B rated deal, also led by Barclays and Citigroup. The $125 million of double-A paper priced at 12 basis points over one month Libor, in-line with guidance. The $150 million single-A-rated deal priced at 25 basis points over swaps, flat to guidance and The $150 million of triple-B rated notes priced at 50 basis points over one-month Libor, once again flat to guidance.

American Express Centurion Bank had a $500 million series 2005-8 offering in the market via ABN AMRO and Barclays. The triple-A-rated tranche of the five-year deal priced at three basis points over one-month Libor, while the single-A rated tranche priced at 17 basis points over one-month Libor.

Capital One Financial tapped the market with a $500 million deal led by Goldman and Lehman. The deal, which was the first to have complete FICO data for its trust, priced at four basis points over one-month Libor. Citibank, N.A. also priced a $400 million triple-A rated deal with a 10-year average life that priced at eight basis points over one-month Libor.

USAA Federal Savings Bank put a $1.1 billion auto ABS transaction into the market via Banc of America Securities and JPMorgan. The money market tranche priced at two basis points under one-month Libor. Chase Manhattan Bank, N.A. also priced a $1 billion auto deal, which priced a one-year tranche at one basis point inside of EDSF. Rounding out the auto sector was a $650 million deal from Marshall & Ilsley Bank via JPMorgan. The one-year tranche of the deal priced at one basis point over EDSF.

(c) 2005 Asset Securitization Report and SourceMedia, Inc. All Rights Reserved.

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