The U.S. ABS primary market generated $11 billion in new issues last week as the market digested the impact of the milder-than-expected Hurricane Rita.

In the home equity sector, Lehman Brothers priced a $221 million deal on Monday. The 1.78-year tranche of the deal priced 35 basis points over one-month Libor and the double-A-rated five-year tranche priced at 52 basis points over one-month Libor.

On Tuesday, Lehman was in the market with another home equity deal, this one a whopper at $2.2 billion out of its SAIL shelf. The one-year tranche of the deal priced at 13 basis points over one-month Libor, two basis points wide of guidance, the three-year tranche of the deal priced at 26 basis points over one-month Libor, on the inner rim of guidance, while the five-year tranche priced at 48 basis points over one-month Libor, one basis point outside of guidance.

MBNA America Bank was in the market with an $850 million, four-year deal priced at two basis points over one-month Libor, which was increased from its initial $500 million size. The 2005-A8 offering was led by Banc of America Securities and Barclays Capital.

UBS priced a $533 million home equity deal, the one year tranche of which priced at 11 basis points over one-month Libor, flat to guidance, the three-year tranche priced at 27 basis points over one-month Libor, on the wide rim of guidance, and the six-year tranche priced 37 basis points over one-month Libor, flat to guidance.

The only other deal to price on the day was a $183 million offering from subprime auto lender Consumer Portfolio Services led by UBS. The one-year tranche of the deal priced at 15 basis points over EDSF, while the three-year tranche priced at 30 basis points over swaps, both flat to guidance.

On Thursday, Soundview Mortgage priced a $1.5 billion home-equity deal led by RBS Greenwich Capital. The 3.5-year tranche of the deal priced at 30 basis points over one-month Libor, while the 6.27-year tranche of the deal priced at 38 basis points over one-month Libor and the 4.5-year, double-A plus-rated tranche priced at 47 basis points over one-month Libor.

American Home Mortgage Investment priced a $197 million, FGIC-wrapped HELOC via Bear Stearns. The one-year deal priced at 19 basis points over one-month Libor. In student loans, Goal Capital priced a $1 million transaction led by Barclays Capital and Deutsche Bank Securities. The three-year tranche of the deal priced at two basis points over three-month Libor, on the inner rim of guidance. The eight-year tranche priced at 13 basis points over three-month Libor, on the wide end of guidance, the 12-year tranche of the deal priced at 17 basis points over three-month Libor, one basis point wide of guidance. The 15-year tranche of the deal priced 20 basis points over three-month Libor, and the single-A rated 12.5-year B tranche priced at 53 basis points over three-month Libor.

Countrywide Home Loans priced an $877 million series 2005-11 deal, the one-year tranche of which priced at 15 basis points over one-month Libor, and the two year tranche priced at 25 basis points over swaps. The three-year tranche came in at 38 basis points over swaps and the five-year at 75 basis points over swaps.

On Thursday, American Capital Strategies priced an $830 million deal backed by business loans led jointly by Citigroup Global Markets and Wachovia Securities. The 4.71-year tranche of the deal priced at 25 basis points over three-month Libor, while the double-A rated six-year tranche priced at 40 basis points over three-month Libor, on the tight end of guidance.

Left on the table was a $247 million deal from AmeriQuest Mortgage being led by RBS Greenwich and UBS. The deal was un-rated by Standard & Poor's, and given split ratings on its mezzanine tranches. The $17 million M1 tranche, rated A2' by Moody's Investors Service and A-' by Fitch Ratings. The remaining five mezzanine tranches were all rated one notch higher by Moody's. Pricing was not finalized as of press time.

Bear Stearns had a $978 million home equity deal left on the table as of press time. The one-year tranche of the deal was being talked in the 12 basis points over Libor area, the three-year tranche in the 27 basis point area, the six-year tranche in the 38 basis point area, the five-year tranche in the 50 basis point area, and the double-A rated 4.47-year tranche in the 65 basis point area.

Ellington Mortgage was marketing a $290 million home equity deal, the one-year tranche of which was being talked at 20 basis points over one-month Libor, the 4.7-year tranche of which was being talked at 50 basis points over one-month Libor.

Home Re was shopping a $499 million home-equity deal, the 5.17-year tranche of which was being talked in the 70 to 75 basis point range over one-month Libor. The deal had a second, double-A rated 5.17-year tranche, shopped in the 75 to 80 basis point range over one-month Libor. The single-A plus rated, 5.18-year tranche of the deal was being talked at 85 to 90 basis points over Libor. The split rated M6 tranche of the deal, with a single-A plus S&P rating, and a single-A rating from Fitch, also with a 5.17-years average life, was being talked in the 110 to 120 basis point area over Libor.

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

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