After a week spent sunning at IMN's annual ABS East fete in Boca Raton, Fla., ABS market participants returned to the office to bear the fruit of four days of wining and dining. U.S. ABS primary issuance surged to price close to $12 billion as of Thursday's close evening, with roughly $3 billion still making the rounds for late in the week.
Real estate ABS accounted for over $5.1 billion of total issuance. Countrywide Securities and RBS Greenwich Capital rekindled the relationship first reported earlier this year to share the lead on two Countrywide HELOC offerings. The first was a $1.01 billion series 2004-N transaction, with the 2.45-year triple-A rated notes pricing with guidance at 30 basis points over one-month Libor. The firms' second joint transaction for the week - another HELOC - was a $1.28 billion 2004-O offering, with a 2.7-year senior class was also on target at 30 basis points over Libor.