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.

Capital One Financial rounded out the auto sector last week with a $700 million deal led by Citigroup Global Markets and Wachovia Securities. The deal utilizes a senior/subordinated structure and is backed by non-prime collateral, the first such offering Capital One has issued (see story, page 17). The deal priced at five basis points over EDSF for the one-year tranche and 11 basis points over swaps for the two-year tranche.

As the sole deal in the student loan sector, First Marblehead Corp. was in the market with a $610 million deal talked at six basis points over three-month Libor for the 2.54-year tranche, the low teens for the 4.72-year tranche and the mid-teen area for the 7.38-year tranche. Chase Manhattan Bank, N.A. priced an $800 million, five-year fixed-rate credit card deal that priced to yield two basis points over swaps.

Countrywide Home Loans Inc. was set to price a $2.87 billon home equity deal on Friday. The 5.45-year MF1 tranche of the fixed-rate portion of the deal was being talked in the 80 basis point area over swaps, while the floating-rate MV1 class was offered in the 44 basis point area over Libor.

General Motors Acceptance Corp. its first auto loan ABS of the year last week, a $3 billion 2005-1 deal led by BNP Paribas, Citigroup and HSBC Securities. The 1.29-year A3 floating-rate tranche of the deal priced at six basis points over one-month Libor, the 2.91-year A5 floater at 10 basis points over one-month Libor and the three-year single-A B bonds priced at 37.5 basis points over Libor. In an unusual twist, that deal was rated by Dominion Bond Rating Service and not by Fitch Ratings.

GMAC unit GMAC-RFC priced a $1.1 billion RAMP 2005-EFC1 deal led by RBS Greenwich Capital and RFC Securities. The deal priced its one-year floater at 10 basis points over one-month Libor, its two-year floater at 17 basis points over and its three-year floater priced at 22 basis points over Libor.

GMAC-RFC also dropped a $2 billion multi-currency U.K. RMBS deal on the market, let by Credit Suisse First Boston and Royal Bank of Scotland as leads. The one-year tranches of the deal priced at nine basis points over three-month Libor and the 3.3-year tranches priced at 22 basis points over three-month Libor.

Lehman Brothers priced a $2.5 billion SAIL deal backed by subprime mortgage collateral. The one-year tranche priced at nine basis points over one-month Libor and the 2.5-year A7 tranche priced at 21 basis points over one-month Libor, both on top of guidance.

Barclays Capital was in the mix with a $1.1 billion SABR home equity deal, that priced its three-year A2B floater at 22 basis points over one-month Libor, one point inside of guidance set in the 23 basis point area over Libor.

Aames Mortgage issued at $1.18 billion home equity deal led by Countrywide Securities and Citigroup. The 2.66-year tranche priced at 22 basis points over one-month Libor, one basis point wide of guidance. The 4.65-year 1A3 senior class was also one basis point wide of guidance and priced at 36 basis points over one-month Libor.

AmeriQuest Mortgage had a $1.8 billion subprime Park Place Securities Trust deal via Merrill and Morgan Stanley. One-year A3 senior notes were being talked, as of press time Thursday, in the nine basis point area over one-month Libor and in the 15 to16 basis point range for the two-year A3B tranche. The 3.5-year A3C class was talked in the 24 to 25 basis point range and the seven-year A3D class was shopped in the 34 basis point area over Libor.

SoundView Mortgage was marketing a $993.5 million home equity deal led by RBS Greenwich. The series 2005-OPT2 deal was seen pricing Friday. Additionally, SoundView completed a series 2005-A transaction, also via RBS Greenwich, earlier in the week.

IndyMac Mortgage priced an $834.7 million home equity deal led by Morgan Stanley and UBS. C-BASS was set to price a $441 million deal led by Merrill Lynch, Centex Corp. priced at $256 million home equity deal led by Banc of America Securities, Countrywide Home Loans Inc. priced a $203.5 million deal backed by program exception MBS, and Marriott Vacation Club International priced a $196 million timeshare deal.

(c) 2005 Asset Securitization Report and SourceMedia, Inc. All Rights Reserved.

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