Not even the Global ABS Conference' could stop the heady U.S. ABS primary market from pricing and marketing nearly $15 billion in yet another strong spring week ahead of the end of the second quarter. As the conference raged in Barcelona last week, the auto, credit card and real estate sectors all saw healthy amounts of issuance and a student loan deal snuck its way into the market, but had not priced as of press time.

One of the most notable offerings in the market last week was a $1.8 billion whole auto loan securitization from Merrill Lynch's Merrill Auto Trust Securitization, or MATS, trust. The collateral on the deal consisted mostly of prime retail loans from four different originators (see story, page 8). The deal priced a 0.3-year 2a7 money market tranche flat to four-month Libor, a one-year fixed-rate tranche at two basis points over EDSF, a one-year floating-rate tranche at one basis point over one-month Libor and a two-year fixed-rate tranche at four basis points over swaps. All priced on top of guidance.

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