The U.S. ABS primary market heated up last week with $23 billion in new issues priced. Amid the sea of home equity deals to hit the market were four auto deals, including one from Harley-Davidson Motor Co., one student loan deal and one credit card deal.

The largest of the auto pack was a $1.47 billion deal from Nissan Motor Credit led by JPMorgan Securities and Merrill Lynch. The one- and two-year tranches priced one basis point over EDSF and swaps respectively, tight compared to industry average spreads, while the 3.56-year tranche priced at five basis points over swaps, on the wide end of initial guidance. The Harley-Davidson deal was $775 million and priced at three basis points over EDSF for the one-year tranche, three basis points over swaps for the 2.74-year tranche and 18 basis points over swaps for the single-A-rated 3.29-year tranche. JPMorgan led the deal.

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