In spite of the shortened holiday week, the ABS primary market managed to generate $17 billion as issuers and managers rushed to get deals done before the upcoming ABS East conference in Boca Raton, Fla.

GE Finance brought its long-awaited aircraft deal, an $841 million, senior-subordinated deal backed by corporate aircraft leases. The deal had yet to price as of press time but the one-year tranche was being talked in the seven basis point area over one-month Libor, while the three-year tranche was being talked in the 12 basis point area over one-month Libor. The deal was led by Credit Suisse First Boston and Deutsche Bank Securities.

The largest deal to price was a $2.5 billion Sallie Mae student loan deal backed by FFELP collateral led by Deutsche Bank and Merrill Lynch. The three-year tranche of the deal priced flat to three-month Libor and the seven-year tranche priced at nine basis points over three-month Libor.

Two credit card deals had priced by press time. The largest, from the Barclays plc Gracechurch program, a three-year $1.5 billion deal led by Barclays Capital, which priced at one basis point over one-month Libor for the triple-A-rated tranche. The other deal was a $100 million, issued by Advanta Corp. triple-B rated business card transaction with CSFB and Deutsche Bank as leads.

CarMax Inc. priced a $525 million deal backed by prime auto loans via Banc of America Securities and Wachovia Securities. The money-market tranche priced at one basis point under four-month Libor, one point tight to guidance, with the one-year tranche pricing at three basis points over EDSF, flat to guidance. The two-year tranche priced at three basis points over swaps.

UBS priced a $931 million home equity deal that with its a one-year tranche getting done at 10 basis points over one-month Libor, one point tight to guidance. A two year tranche priced at 16 basis points over one-month Libor, and a 3.5-year tranche priced at 24 basis points over one-month Libor.

GMAC-RFC priced a $500 million subprime MBS deal led by JPMorgan Securities with a one-year tranche that priced at 11 basis points over one-month Libor. The three-year tranche of the deal priced tight to guidance, at 25 basis points over one-month Libor.

Countrywide Home Loans, Inc. priced a $637.9 million deal backed by Alt-B MBS with its one-year tranche pricing flat to guidance at 12 basis points over one-month Libor. The three-year tranche of the deal priced at 26 basis points over one-month Libor.

The market had a hefty amount of deals left on the table as of press time. MBNA America Bank had a $100 million credit card deal yet to price, Chase Manhattan Bank, N.A. had a $600 million credit card deal yet to price, and American Express had $1.2 billion of five- and seven-year transactions left to price.

Nissan Motor Credit was shopping a $1.4 billion prime auto-loan deal, while Citibank, N.A. was marketing a $195 million, three-year deal backed by 12b-1 fees. CNH Global N.V. had a $1.15 billion deal backed by retail agricultural and construction equipment loans.

Of the real estate deals left to price, NovaStar Financial had a $2.4 billion deal left on the table, Delta Funding had a $798 million home-equity deal yet to price, CSFB had a $640 million home equity deal circulating, Bear Stearns had a $483 million subprime MBS deal left to price, and Equity One, Inc. was marketing a $261.2 million Popular ABS Pass-Through Trust home-equity deal marketing as of late Thursday.

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

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