The U.S. ABS primary market was roused from its midsummer slumber last week by more than $13 billion in total volume. Of that total, about $7.2 billion had priced as of Thursday night. Real estate ABS made up the bulk of new issue, with $5.08 billion having priced as of Thursday's market close.

Countrywide Home Loans came with yet another HELOC offering, a $1.02 billion single-tranche 2003-C reopening. In a rare moment of munificence, Countrywide shared the lead mandate with RBS Greenwich Capital. The triple-A FGIC-wrapped notes priced just outside of guidance at 27 basis points over one-month Libor versus guidance of 26 points. GMAC-Residential Funding Corp. also came with an $849.9 million FGIC guaranteed subprime mortgage deal via Credit Suisse First Boston and JPMorgan Securities.

First Franklin Mortgage tapped the market for $1.05 billion with a traditional home equity offering through Barclays Capital. The deal priced on the tight end down in credit with the 5.3-year triple-B-rated notes coming in at 195 basis points over one-month Libor relative to guidance in the 195 to 200 point range. The split-rated 5.29-year subordinates priced at 385 basis points over one-month Libor after being talked in the 400 basis point area over.

Household Finance Corp. priced $877.6 million in senior/subordinated home equity via Deutsche Bank Securities, HSBC Securities and Morgan Stanley. Both the triple-A and double-A-rated classes, each with 2.25-year average lives, came inside of talk at 35 and 52 basis points over one-month Libor relative to expectations in the 36 to 38 and 55 to 57 points over.

Equity One came with a $637.2 million mixed collateral offering via RBS and Friedman Billings Ramsey. The three-year triple-A rated fixed-rate notes priced wide at 70 basis points over swaps compared with talk in the 55 to 60 point area, while the 3.09-year triple-A floater came in on target at 32 basis points over one-month Libor.

CDC IXIS hit with $649.86 million led by Morgan Stanley. The 5.31-year single-A-rated notes came in tight at 120 basis points over one-month Libor versus talk at 125 points. The 5.29-year split-rated subordinates were also inside at 400 basis points over Libor compared with guidance in the 410 basis point area over.

Auto ABS was the only other active sector last week, pricing roughly $2.1 billion. USAA Federal Savings Bank came with a $1.49 billion 2004-B offering backed by prime retail loans via Barclays and JPMorgan as joint leads. The money market tranche priced in line with guidance at two basis points under four-month Libor. The triple-A-rated two-year notes were also within guidance at 7.5 basis points over swaps relative to guidance in the seven to eight point range.

Barclays and JPMorgan teamed up again to bring a $500 million Cendant Corp. deal backed by rental car fleet leases. Both the 2.06-year and 3.24-year triple-A-rated notes priced with guidance, at 11 basis points and 16 points over one-month Libor, respectively.

DriveTime Automotive Group Inc. hit with a $159.9 million backed by senior/subordinated non-prime retail loans through RBS. The money-market tranche was on the tight side of expectations at three basis points over three-month Libor compared to guidance in the three to five basis point range. The 2.18-year fixed-rate notes priced toward the outer limits of guidance at 40 basis points over swaps versus talk in the 35 to 40 point range.

Copyright 2004 Thomson Media Inc. All Rights Reserved.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.