The U.S. ABS primary market refused to give in to the summer slowdown as it generated around $13 billion for the third week in a row.
Last week saw the pricing of the first-ever aircraft engine lease deal, a $228 million offering by Willis Lease Finance Corp. led by UBS. The 6.5-year tranche of the deal, rated Baa1' by Moody's Investors Service and A' by Fitch Ratings, priced at 153 basis points over one-month Libor.
North Carolina State Education Authority priced a $300 million FFELP student loan deal led by RBC Dain Rauscher. The seven-year tranche of the deal priced flat to guidance at 11 basis points over three-month Libor.
The credit card sector was well populated with four deals from two issuers. The largest of the bunch was a $1.5 billion deal from MBNA America Bank led jointly by Banc of America Securities and Credit Suisse First Boston. The three-year deal priced flat to one-month Libor. MBNA's second credit card offering, a five-year single-A 2005-B2 deal priced at 18 basis points over one-month Libor.
Chase Manhattan Bank, N.A. also had two credit card deals in the market last week. The $600 million, 3.21-year single-A deal priced at 15 basis points over swaps. The other deal was an $825 million, seven-year, triple-A rated deal that priced at seven basis points over one-month Libor.
In the home equity sector, Household Finance priced a $1.02 billion home equity deal. The 2.37-year A1 class priced at 27 basis points over one-month Libor, with the 2.37-year A2 pricing at 31 basis points over Libor.
Bear Stearns priced a $757 million home equity deal, the one year tranche of which priced at 11 basis points over one-month Libor, the three-year tranche priced at 25 basis points over one-month Libor and the six-year tranche priced 38 basis points over one-month Libor.
CDC IXIS priced a $750 million deal led by Morgan Stanley, with the one-year tranche at 11 basis points over one-month Libor, the three-year at 24 basis points over one-month Libor and the 6.38-year tranche at 37 basis points over one-month Libor.
GMAC-RFC priced a pair of RAMP deals, one backed by program exceptions and led by BofA, the other backed by high LTV MBS and led by RBS Greenwich Capital Markets.
Aames Mortgage priced a $200 million subprime MBS deal via Bear Stearns. The one-year tranche of the deal priced 15 basis points over one-month Libor. The three-year tranche of the deal priced at 26 basis points over one-month Libor.
Countrywide Home Loans Inc. priced a $182.4 million deal backed by program exceptions. The one-year tranche of the deal priced at 14 basis points over one-month Libor, while the 2.64-year tranche priced 30 basis points over one-month Libor.
AmeriFirst Home Improvement Co. priced its $81.6 million home improvement loan deal led by Harris Nesbitt Burns backed by an XLCA wrap. The 12-year deal priced at 35 basis points over one-month Libor.
Still left on the table as of press-time was an $890 million subprime MBS deal from First Franklin Mortgage led by UBS. CSFB was also marketing a $790 million home equity deal, along with HSBC, which was circulating a $649 million home equity deal. C-BASS had a $463 million subprime MBS deal in the market, and Irwin Union Bank & Trust was marketing a $272 million deal led by CSFB.
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