The U.S. ABS primary market had another strong week, pricing upwards of $13 billion in new issue for the second week running, with nearly $6 billion more set to price either late last or early this week. The real estate sector continued to dominate with more than $10 billion priced as of Thursday evening.
Countrywide Home Loans Inc. tapped the market twice last week, accounting for nearly half of volume in the sector. On Wednesday, the mortgage lender came with a formidable $3.2 billion series 2004-10 offering. The mixed-collateral deal was primarily senior/subordinate except for a fixed-rate AF5B tranche wrapped by MBIA. The 7.08-year AF5B class cleared at 105 basis points over Swaps, compared to its un-wrapped AF5A counterpart, which priced at 110 basis points over.