The ABS primary market generated $20 billion in new issues last week, even as many in the market cooled their heels on summer vacations.
ABS investors had a good selection of credit card, auto and real estate deals to choose from last week, with a healthy number of multi-billion dollar deals. There was even an equipment deal from The CIT Group Inc. via Banc of America Securities and Barclays Capital. Totaling $590 million that deal priced its money-market tranche flat to Libor and its one-year tranche at four basis points over EDSF. The two-year tranche priced at swaps plus five basis points.
The credit card sector saw a $500 million, five-year deal from MBNA America Bank led by JPMorgan Securities and RBS Greenwich Capital. The deal priced at one basis point over swaps, on top of guidance. The only other credit card deal was a $1 billion offering from Chase Manhattan Bank, N.A., talked in the four basis points over one-month Libor range, that had yet to price as of press time.
The auto sector saw the pricing of two sizeable offerings. One a $1.1 billion offering from AmeriCredit Corp. led by Deutsche Bank Securities and Wachovia Securities. The FSA-wrapped deal priced its one-year tranche at five points over EDSF and the two-year tranche at seven basis points over swaps.
World Omni priced a $925 million deal led by Barclays Capital and Wachovia. That deal priced a one-year tranche at three basis points over EDSF, and a 1.8-year tranche flat to EDSF.
In the real estate sector, Goldman Sachs priced a $1.4 billion home equity deal at 12 basis points over one-month Libor for the one-year tranche, 25 basis points over one-month Libor for the three-year tranche and 37 basis points over one-month Libor for the seven-year tranche. AmeriQuest Mortgage priced a $1.5 billion deal led by UBS with a one-year tranche, which priced at five basis points over one-month Libor. The two-year tranche priced at nine basis points over one-month Libor.
Countrywide Home Loans, Inc. priced a $2 billion HELOC deal at 19 basis points over one-month Libor for its two-year tranche. GMAC-RFC priced a $1.1 billion RASC home equity deal with its one-year tranche coming in at 11 basis points over one-month Libor and its two-year tranche pricing at 17 basis points over one-month Libor. Lehman Brothers also priced a $2.4 billion home equity deal with its three-year tranche at 25 basis points over one-month Libor.
Greenpoint Mortgage Funding priced a $417 million HELOC deal at 18 basis points over one-month Libor. Deutsche Bank's Ace Securities trust priced a $246 million deal with its one-year tranche at 20 basis points over one-month Libor.
Aegis Mortgage had a $976 million home equity deal left on the table with the one-year tranche talked in the 11 basis point area over one-month Libor and its three-year tranche talked in the 20 basis point area over one-month Libor. Banc of America Securities had yet to price its $1.2 billion home equity deal left on the table, talked in the eleven basis points over one-month Libor area.
Bayview Mortgage had a home equity deal circulating in the market. The $300 million offering was being talked in the 14 basis points area for the one-year tranche. Aames Mortgage had a$1.2 billion home equity offering left on the table, and so did CBASS, with a $400 million home equity offering.
Countrywide had another $1.2 billion deal on the table, and Encore Mortgage had a $1 billion deal left on the table.
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