The U.S. primary ABS market had another sluggish week, pricing just over $4 billion in new issues as of Thursday's deadline, but was anticipating a mammoth auto deal to price last Friday. Real estate ABS accounted for the bulk of issuance with four deals totaling roughly $3 billion. The credit card saw one transaction for the week.
Green Tree Finance tapped the market for $405.9 million backed by traditional home equity collateral via RBS Greenwich Capital. The triple-A rated notes with a one-year average life priced at 15 basis points over one-month Libor, while the three-year senior class cleared at 30 points one-month Libor. The 5.94-year triple-A rated class priced at 35 points over Libor. The 5.02-year double-A plus notes priced at 65 basis points over Libor without a rating from Moody's Investors Service. The 4.25-year mezzanine M4 cleared at 90 points over Libor, also sans a Moody's rating.