ABS West conference attendees evidently made the most of their time in Arizona, with the U.S. ABS primary market on track to price over $18 billion in new issuance for the week as of last Thursday. Despite the deluge of supply, spreads held firm across sectors.

Bay View Acceptance Corp. tapped the market for $232.1 million of nonprime auto paper via Barclays Capital with a MBIA wrap. The one-year notes priced tight at two basis points over EDSF versus guidance set in the three basis point area over EDSF. The two-year notes also priced inside guidance at six points over swaps relative to talk in the seven to eight basis point range over swaps area.

Onyx Acceptance Corp. was also in the market with a subprime auto offering. Credit Suisse First Boston and Merrill Lynch were joint leads on the $700 million transaction, which was also guaranteed by MBIA. The offering priced largely in line with expectations, with the 1.05-year class clearing at one basis point over EDSF. The 2.10-year class tightened to one basis point over swaps relative to guidance in the two basis points area over swaps.

There were a pair of auto rental fleet lease transactions offered last week from two of the programmatic issuers in the sector - Cendant Corp. and Vanguard Car Rental USA. Cendant's AESOP Funding 2005-1, led by Barclays Capital and Deutsche Bank Securities, while Vanguard's ARG Funding priced via CDC IXIS Capital Markets and Lehman Brothers. AESOP, backed by a MBIA wrap, priced inside of ARG across the capital structure, with the three-year A1 pricing at seven basis points over swaps, versus ARG's three year A1 notes, which priced at 12 basis points over swaps. AESOP's three-year floaters also bested ARG's comparable class, six basis points to 10 over one-month Libor.

General Motors Acceptance Corp. wrapped up its first dealer floorplan offering of 2005, a $2.1 billion transaction via Barclays Capital, JPMorgan Securities and Lehman Brothers. With seven-year paper offered in triple-A, single-A and triple-B rated classes, Swift series 2005-A11 priced at 12, 30 and 60 basis points over one-month Libor, respectively.

Boston Edison Co. came to market with the second stranded cost ABS offering this month, seemingly bearing out earlier predictions from rating agency sources that the sector would see an uptick in volume in 2005. The $674.5 million offering came via Goldman Sachs and Lehman Brothers. The triple-A rated A3 notes with a five-year average life came with guidance at three basis points over swaps and the 7.40-year senior notes cleared at 10 basis points over swaps versus talk in the 11 basis point area over swaps.

Financial Asset Securities Corp. was in the market with a $971.4 million repackaged home equity offering via RBS Greenwich Capital. The three-year triple-A rated notes priced at 27 basis points over one-month Libor. The 5.6-year senior notes - which priced without a rating from Moody's Investors Service - priced at 43 basis points over Libor.

GMAC-Residential Funding Corp. came with a $543.2 million RASC offering backed by subprime MBS via CSFB and RBS Greenwich Capital. The 4.42-year mezzanine notes priced tight at 43 basis points over one-month Libor versus talk at 45 basis points over Libor. Toward the bottom of the capital structure, the 3.93-year subordinates were on target at 500 basis points over one-month Libor.

Additionally, GMAC-RFC sold $300 million from its RAMP shelf, also via CSFB and RBS Greenwich. Three-year floaters priced in line with guidance in the low 20 basis point area over one-month Libor to clear at 21 over.

New Century Financial was in the market with a $2.9 billion offering via Morgan Stanley. The 6.06-year triple-A rated A2C class priced at 35 basis points over one-month Libor relative to talk in the 35 to 37 points over Libor area. Spreads gapped out on some of the mezzanine classes, with the single-A minus notes, with a 4.49-year average life, pricing at 80 basis points over one-month Libor versus talk in the high 70 basis point area over. The 4.45-year subordinates were on target at 205 basis points over Libor.

Accredited Home Lenders brought its first home equity offering of the year, a $900 million series 2005-1 offering via CSFB and Morgan Stanley as joint leads and sported ratings from U.S. neophyte Dominion Bond Rating Service. Three-year triple-A A2B notes priced at 21 basis points over one-month Libor, at the tight end of talk in the low 20 basis point area. Seven year A2C seniors priced at 35 basis points over Libor, versus talk in the mid 30 basis point area over.

Student lender First Marblehead tapped the market for $951.3 million in FFELP loans via Deutsche Bank Securities, JPMorgan Securities and UBS. The transaction came in tight across the credit spectrum. The 4.80-year triple-A rated notes cleared nine basis points over one-month Libor versus guidance at 10 points over Libor. The 13.1-year double-A class priced at 38 basis points over Libor relative to talk at 40 basis points over Libor.

Later in the week, Nelnet's $1.2 billion student loan transaction priced its first deal of the year via Banc of America and CSFB. Nelnet exhibited its strong reputation by pricing inside of the only other competing student loan-backed transaction last week. Nelnet's three-year A2 bonds priced at one basis point over three-month Libor and its five-year A3s priced at four basis points over Libor, both on target with price talk. The seven-year A4 bonds cleared at seven basis points over three-month Libor and the 12-year A5 notes priced at 11 basis points over Libor. - SM/KD

Copyright 2005 Thomson Media Inc. All Rights Reserved.

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