The U.S. ABS primary market generated over $13 billion in new issues last week, ending what was beginning to look like a summer slump. After two consecutively declining sub-$10 billion weeks, the market saw a healthy dose of auto loan and credit card deals, with a student loan deal, a timeshare deal and a tax lien deal thrown in.

In notable financial news, the U.S. Department of Labor reported CPI was up 0.1% to 194.5 in June, while the U.S. Commerce Department said retail sales increased a seasonally adjusted 1.7%. Strong earnings results from Apple Computer and a positive sales report on General Motors Corp. helped buoy the market, while oil declined to $57.80 a barrel as of press time.

Back in the ABS market, the City of New York priced a $50 million deal led by Bear Stearns backed by tax liens. The triple-A tranche of the 1.77-year deal priced at 60 basis points over EDSF, five basis points tight to guidance.

As the sole representative in the student loan sector, Collegiate Funding Services priced a $1.3 billion deal via Citigroup Global Markets and JPMorgan Securities backed by FFELP collateral. The three-year senior A1 tranche of the deal priced at one basis point over three-month Libor, on the tight end of guidance in the one to two basis point range, while the seven year tranche priced at 10 basis points over three-month Libor, at the wide end of guidance.

The auto sector hosted a healthy crop of deals last week, the largest of which was a $900 million nonprime deal from Onyx Acceptance Corp. with Credit Suisse First Boston and JPMorgan as joint leads. The deal, backed by a 100% FGIC wrap, priced its money market tranche flat to Libor, one basis point tight to guidance. The one-year tranche of the deal priced at two basis points over EDSF, also one basis point inside of guidance, the 2.2-year tranche priced flat to guidance at four basis points over swaps and the 3.44-year A4 tranche priced at 12 basis points over swaps - two basis points tight to guidance.

"The [Onyx] levels were good, behind where they priced earlier in the year, but relative to recent deals, these are tight prints," said a source at one of the lead managers.

Nissan Motor Credit priced an $800 million, three-year dealer floorplan deal led by Morgan Stanley. Nissan's first floorplan transaction since 2003 - and just its second overall - priced flat to guidance at three basis points over one-month Libor. Navistar Financial priced a $750 million deal backed by retail truck loans via CSFB. That deal priced its money market tranche flat to four-month Libor, with the one-year tranche at four basis points over EDSF - both one basis point tight to guidance.

American Express Centurion Bank led the credit card sector with a $1.1 billion series 2005-5 deal led by CSFB and Deutsche Bank Securities jointly. The five-year deal priced in-line with guidance throughout the capital structure, with the senior notes coming in at four basis points over one-month Libor, single-As at 18 basis points over one-month Libor and the triple-Bs at 32 basis points over one-month Libor. Citibank, N.A. priced a $375 million seven-year triple-B credit card floater that priced at 41 basis points over one-month Libor.

The rest of the deals in the market made up the usual raft of real estate deals, many of which did not manage to price as of press time. One timeshare deal, the second in the sector this year, managed to price on Thursday. Silverleaf Resorts brought a $108 million deal, its first term securitization, through UBS as sole bookrunner. The three-year triple-A class priced five basis points tight to guidance, coming in at 60 basis points over swaps. The double-A tranche priced at 90 basis points over swaps, the single-As at 150 basis points over swaps and the triple-B rated D tranche priced at 250 basis points over swaps, on the tight end of guidance set in the 250 to 275 basis point range over swaps.

The largest home equity deal to price last week was a $1.46 billion deal from Chase Manhattan Bank, N.A. The deal's one-year senior tranche priced at nine basis points over one-month Libor, while the three-year tranche priced at 21 basis points over one-month Libor and the 6.5-year tranche priced 35 basis points over one-month Libor. The new JPMorgan Mortgage Acquisition Corp. Trust replaces the expired Chase Funding Loan Acquisition Trust.

Ownit Mortgage Solutions priced a $687 million subprime MBS deal led by Merrill Lynch. The one-year senior notes priced at 12 basis points over one-month Libor, with the 5.89-year triple-As pricing at 50 basis points over one-month Libor. GMAC-RFC also priced a subprime MBS deal, this one a $387 million RASC 2005-KS7 offering with a one-year tranche that priced at 10 basis points over one-month Libor. The three-year senior class priced at 23 basis points over one-month Libor and the 6.08-year tranche priced at 35 basis points over one-month Libor.

A good amount of real estate ABS was left on the table as of press time, with a $1.5 billion deal from AmeriQuest Mortgage out with guidance.

Fieldstone Mortgage was marketing a $958 million subprime MBS deal led by Lehman Brothers. The one-year senior tranche was talked in the 11 basis point area over one-month Libor, and 37 basis points over one-month Libor for the six-year tranche. Fremont Home Loan had a $758 million home equity deal in the market led by RBS Greenwich Capital.

First Franklin Mortgage was still shopping a $728 million deal led by Goldman Sachs talked at 20 basis points over one-month Libor for the one-year tranche, and at 27 basis points over Libor for the two-year tranche. Bear Stearns also had a $470 million home equity deal yet to price, being talked at twelve basis points over one-month Libor for the one-year tranche and 25 basis points over one-month Libor for the three-year tranche.

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

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