The U.S. ABS primary market churned out over $13 billion in new supply last week as the credit card sector finally began to show signs of life.

Credit card ABS accounted for more than $3 billion of total volume, a promising sign for the less than voluminous sector. World Financial Network was in the market with a pair of offering for the week, each backed by its retail private label collateral. Both transactions came via joint leads Credit Suisse First Boston and JPMorgan Securities. The triple-A notes for the $450 million two-year 2004-B offering priced within guidance at 10 basis points over one-month Libor. The triple A notes on the $393.7 million seven-year 2004-C transaction also came in on target at 20 points over Libor. Additionally, subordinate spreads were five points inside of guidance on both deals, clearing 65 and 60 points over Libor, respectively.

Bank One, N.A. tapped the market for $1.2 billion via JPMorgan. The single-tranche BOIT 2004-A7 offering priced in line with expectations at 12 basis points over one-month Libor.

Also in the market was Providian Financial with a $650 million fixed-rate deal backed by its Gateway to credit program, led by Citigroup Global Markets. The transaction priced on the tight end of guidance across the credit spectrum. The 2.98-year senior A class came in at 18 basis points over swaps, with the double-A B notes clearing at 40 basis points over, relative to guidance in the high teen and 40 to 45 point area, respectively. Down in credit, the triple-B subordinates, also with a 2.98-year average life, hit at 125 points over swaps, also at the tight end of guidance.

ABN AMRO made its first appearance as lead manager on an American Express transaction, sharing the lead mandate on the $1 billion series 2004-5 with Deutsche Bank Securities. The five-year seniors priced at nine basis points over one-month Libor, with single-A and triple-B notes pricing at 25 and 46 basis points over one-month Libor, respectively.

Egg Bank's Pillar Funding was also slated to price $890 million of U.S. denominated CCABS via Barclays Capital, with the five-year seniors seen in the 14 basis point area over three-month Libor.

The real estate sector had a fairly strong week with roughly $4.7 billion priced and numerous deals pending for Friday. Countrywide Home Loans brought three deals for roughly $3.5 billion. During the prior week, the mortgage originator tapped the market for an additional $2.7 billion. The issuer offered a $1 billion HELOC, its tenth of the year, backed by a full Ambac wrap. The 2.56-year triple-A rated notes came wide of guidance at 29 points over one-month Libor.

Countrywide also came with a $1.2 billion mixed-collateral transaction and its first deal backed by all Alt-B mortgage loans. The triple-A rated fixed-rate AF3 notes, with a three-year average life, priced outside at 58 basis points over swaps versus talk in the 55 area over. There was some tightening down in credit, however, with the 4.56-year subordinate floaters coming in at 350 basis points over one-month Libor inside of talk in the 360 basis point area over.

The issuer's last deal of the week, series 2004-AB1 - backed by Alt-B collateral - a $1.34 billion offering stayed on target throughout the capital structure. The triple-A rated 2A2 class, with a2.95-year average life, priced within talk at 36 basis points over one-month Libor. Meanwhile, the 3.69-year B class subordinated notes priced at 190 basis points over, in line with expectations.

RBS Greenwich Capital was also in the market with three lead mandates last week. The firm shared the lead with Friedman Billings Ramsey on a $704.8 million home equity offering from Popular Inc. unit Equity One Inc. The three-year triple-A notes priced 10 outside of guidance at 55 basis points over swaps. The 3.04-year triple-A fixed-rate notes also priced cheap at 34 points over one-month Libor relative to expectations in the 32 to 33 basis point range. Fixed-rate subordinates hit outside of guidance as well, with the 2.29-year B2 notes pricing at 265 points over one-month Libor versus talk at 240.

RBS Greenwich shared two lead roles with JPMorgan. One of their collaborative efforts was a $296 million offering from AmeriQuest Mortgage and a $359.9 million fixed-rate RAMP offering from GMAC-Residential Funding backed by high-LTV MBS.

The RAMP 2004-RZ3 two-year fixed-rate triple-A notes priced wide at 48 basis points over swaps after being marketed in the 45 area over. The long-dated fixed-rate triple-A notes, however, tightened, with the five-year AI4 class coming in five basis points to yield 75 points over swaps. The triple-A-rated three-year floaters were on target at 30 basis points over one-month Libor and the 4.44-year triple-B rated MII4 floaters hit with guidance at 185-points over one-month Libor.

GMAC-RFC was also in the market with a $220 million transaction backed by high-LTV MBS via Bear Stearns.

Autos had a quiet week relative to the sector's volume during the late summer. The only action in the sector was a $420 million transaction from first-time auto entrant United Auto Credit Corp via Deutsche Bank Securities. The one-year Ambac wrapped triple-A A2 notes priced at 23 basis points over EDSF, with the A3s pricing to yield 30 over swaps.

In student loans, Sallie Mae tapped the market with its ninth FFELP ABS of the year and eleventh overall. The $3.02 billion 2004-9 deal, via Citigroup, Lehman Brothers, and Banc of America Securities saw its five-year triple-A A3 notes price inside of guidance at nine points over three-month Libor versus talk at 10 points over. Every other class priced on the screws to premarketing levels.

Copyright 2004 Thomson Media Inc. All Rights Reserved.

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