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.

SoundView Mortgage came with a $1.49 billion offering, also led by RBS Greenwich. The one-year triple-A-rated class priced at eight basis points over one-month Libor, and the two-year senior notes cleared at 12 basis points over Libor. The 4.64-year double-A plus rated class priced at 33 basis points over Libor. Further down the capital structure, the triple-B minus rated 3.42-year notes cleared at 475 basis points over one-month Libor. Mirroring the Green Tree transaction, Moody's did not rate any of the mezzanine classes.

Barclays Capital was in the market with an $855.2 million offering backed by subprime collateral off of its SABR dealer shelf. The deal priced in line with expectation across the credit spectrum. The three-year senior A2B class was on target at 20 points over one-month Libor. The triple-A rated class with a 6.99-year average life priced with guidance at 31 basis points over Libor. The 5.31-year double-A rated notes priced with talk at 45 basis points over Libor, while the 5.24-year single-A rated notes priced at 65 points over Libor. Toward the bottom of the capital structure, the 5.23-year subordinates priced on target at 118 points over Libor.

Goldman Sachs tapped the market for $255.9 million off of its Goldman Sachs Asset Mortgage Product Trust vehicle. The 1.08-year senior class cleared at 17 basis points over one-month Libor, while the double-A rated seniors priced at 47 points over Libor.

In the auto sector, AmeriCredit Corp. came with a $749.97 million backed by nonprime retail loans via Credit Suisse First Boston and Deutsche Bank Securities. The 1.94-year triple-A rated notes priced in line with expectations at 12 basis points over EDSF, relative to talk in the low-teen area over EDSF area. The 2.54-year double-A rated notes were on target at 25 basis points over swaps, versus guidance in the mid-20 basis point range over swaps range. The 3.64-year triple-B rated notes priced wide at 65 basis points over swaps, relative to talk in the low-to-mid-50s over swaps area.

Several transactions were still making the rounds at weeks end, including a $3 billion, fixed-rate senior/subordinated offering from Ford Motor Credit. Additionally, AmeriQuest Mortgage was marketing a $2.4 billion wrapped deal off of its ARSI shelf.

Copyright 2005 Thomson Media Inc. All Rights Reserved.

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