In the midst of the dog days of summer, the ABS primary market generated a solid $14 billion in new issue supply last week, a slight improvement over the previous week and another step out of the summer doldrums as the market attempts to get back to its blistering pace.

The week was even more active in world news, with President George W. Bush announcing his Supreme Court nominee, China announcing it would un-peg its currency from the U.S. dollar, Federal Reserve Chairman Alan Greenspan all but guaranteeing further interest rate hikes, and another round of terrorist bombings in London.

The auto and student loan sectors remained active last week, with the credit card sector represented by one lone issuer with a pair of offerings. For investors in esoteric asset classes, there was even a small deal backed by home improvement loans. The week's issuance was set against the usual heavy backdrop of real estate ABS deals. The following deals hit the boards on the week.

The credit card deals seen in the market came from Capital One Financial, with a $455 million offering from underwritten by Banc of America Securities and a $100 million single-A rated offering with a 20-year average lift - yes 20-years - via Citigroup Global Markets.

The $455 million triple-A rated single-tranche deal priced at five basis points over three-month Libor, on top of guidance. The $100 million single-A rated series 2005-B3 transaction, with the 20-year average life, priced at 55 basis points over three-month Libor.

Sallie Mae priced a gargantuan student loan deal led by a trio of investment banks. Lehman Brothers, Merrill Lynch and Morgan Stanley teamed up to lead the $3.37 billion deal that priced on top of guidance all the way down the capital structure. The one-year tranche, notably absent from recent student loan ABS, priced at three basis points under three-month Libor, the three-year A2 tranche priced flat to three-month Libor, the five-year tranche priced at five basis points over three-month Libor and the seven-year cleared at nine basis points over three-month Libor.

Nelnet Inc. priced a $1.3 billion student loan deal led by Banc of America Securities and Credit Suisse First Boston backed by FFELP collateral. The series 2005-3 deal priced in line with guidance, with the one-year A1 tranche pricing at two basis points under three-month Libor, the three-year tranche pricing flat to three-month Libor and the five-year tranche getting done at five basis points over three-month Libor.

WFS Financial priced its third auto deal of the year via by BofA and Merrill Lynch. The $2.8 billion deal, backed by nonprime retail auto loans, had both its fixed- and floating-rate tranches price in line or tight to guidance. The one-year tranche of the deal priced at five basis points over EDSF, while the two-year tranche priced at six basis points over swaps. The two-year, floating-rate tranche priced at one basis point over one-month Libor.

Triad Financial Corp. was also in the market with a $905 million series 2005-3 deal led by Citigroup and Goldman Sachs and backed by a full FSA wrap. The one-year tranche of the deal priced at five basis points over EDSF, with the two-year tranche pricing at eight basis points over swaps. The 3.32-year A4 tranche priced at 15-basis points over swaps.

HSBC unit Household Finance Corp. priced a $945 million prime auto loans deal. The one-year tranche of the deal priced at five basis points over EDSF, with the 2.2-year tranche pricing at eight basis points over swaps and the 3.3-year tranche at 17 basis points over swaps.

The Also in the nonprime auto sector last week was a $150 million XLCA-wrapped series 2005-deal from DriveTime Auto led by RBS Greenwich Capital. The one-year tranche of the deal priced at 12 basis points over EDSF, while the 2.27-year tranche priced at 21 basis points over swaps.

The biggest real estate deal this week was a $932 million home equity deal from Bear Stearns with the one-year tranche pricing at 12 basis points over one-month Libor and the 2.5-year tranche pricing at 24 basis points over one-month Libor. The 5.75-year tranche priced at 38-basis points over one-month Libor.

Lehman priced an $851 million deal backed by subprime MBS transaction off its SAIL dealer shelf, which priced flat to three basis points wide of guidance all the way down the waterfall. The three-year tranche priced at 26 basis points over one-month Libor, two basis points outside of guidance. The 6.24-year tranche priced at 38 basis points over one-month Libor, flat to guidance. The remaining subordinated tranches priced as wide as 550 basis points over one month Libor for the triple-B-minus rated tranche.

GMAC-RFC priced a $690 million deal backed by program exceptions from its RAMP shelf via underwriting unit RFC Securities. The one-year tranche of that deal priced at 11 basis points over one-month Libor, and the three-year tranche priced at 23 basis points over one-month Libor, both in-line with guidance.

Barclays Capital was in the market with a $554 million deal backed by subprime MBS. The two and three-year tranches priced at 32.5 and 37 basis points over one-month Libor, respectively. The one-year tranche priced in line with guidance at 11 basis points, and the three-year tranche also priced in line with guidance at 25 basis points over one-month Libor.

Interstar Securities tapped the market with a $500 million Australian RMBS deal led by Deutsche Bank Securities and JPMorgan Securities. The $500 million U.S. dollar denominated class of the offering priced at 16 basis points over three-month Libor.

CSFB also priced its own real estate deal, a $270.5 million home equity offering from the ABSHE dealer shelf, the one-year tranche of which priced at 10 basis points over one-month Libor, the 2.75-year tranche at 23 basis points over one-month Libor and the six-year tranche at 37 basis points over one-month Libor.

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

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