Volume in the primary U.S. ABS market was relatively light last week, coming in just under $5 billion as of Thursday's market close. Real estate ABS accounted for $1.6 billion in total new issues, and was comprised of several smaller deals with just one breaking the $500 million mark. Subprime collateral dominated the home-equity calendar.

First Franklin Mortgage tapped the market for $534.7 backed by subprime MBS via RBS Greenwich Capital. The one-year triple-A rated notes, which cleared at eight basis points over one-month Libor, while the 3.5-year seniors cleared at 22 basis points over Libor. The double-A rated M2 class, with a 4.61-year average life, cleared at 48 basis points over one-month Libor. The 4.59-year single-A plus rated notes cleared at 65 basis points over one-month Libor. Down in credit, the 4.56-year subordinate bonds - minus a rating from Moody's Investors Service - priced at 47 basis points over one-month Libor.

GMAC-RFC was in the market with a $402.3 million offering, also led by RBS Greenwich. The one-year senior notes cleared at nine basis points over one-month Libor, while the 4.59-year double-A plus M2 class cleared at 40 basis points over Libor. The 4.31-year single-A plus notes priced at 60 basis points over Libor. Toward the bottom of the capital structure, the triple-A minus M10 class with a 4.2-year average life priced at 180 basis points over one-month Libor.

C-BASS came with a $385 million subprime MBS offering via Banc of America Securities that priced within expectations throughout much of the capital structure. The deal came with four ratings - including one from Dominion Bond Rating Service - on every class. The one-year triple-A rated notes priced at 10 basis points over one-month Libor versus guidance in the 10 to 11 points over one-month Libor range. The similar-dated fixed-rate seniors were also on target at 16 basis points over EDSF, relative to talk in the 15 to 16 basis points range over EDSF. The double-A rated M1 notes with a 4.92-year average life were on target at 44 basis points over one-month Libor, relative to talk in the mid-40 points over Libor area. The 4.32-year single-A rated notes priced inside at 63 points over Libor versus talk in the 65 basis point area over Libor.

AmeriQuest Mortgage was in the market with a $344.5 million transaction backed by subprime MBS via Citigroup Global Markets. The Quest Trust 2005-1 offering priced largely in line with expectations. The one-year triple-A rated notes cleared at 18 basis points over one-month Libor versus guidance in the high teens. The 6.46-year seniors were on target at 38 points over Libor, while the 4.96-year mezzanine class priced within guidance at 50 basis points over one-month Libor. The 4.27-year single-A rated notes were also on target at 80 basis points over Libor.

Sallie Mae was the lone student-loan issuer to tap the market last week with a $1.53-billion offering backed by FFELP loans. Banc of America and Goldman Sachs shared the lead mandate. The triple-A rated notes with a one-year average life priced in line with expectations at three points under three-month Libor. The five-year senior notes were also on target at three basis points over three-month Libor, relative to talk in the three to four basis point range over three-month Libor range. Spreads gapped out on the longer-dated senior classes, with the seven-year A4 class clearing at

seven basis points over three-month Libor, versus guidance set at in the six basis point area over three-month Libor. The 10-year A5 class priced similarly wide at nine basis points over three-month Libor, relative to expectations at eight points over three-month Libor. The 21.1-year subordinates were on target at 15 basis points over three-month Libor.

In the credit card sector, The Metris Companies tapped the market for $544.4 million via three-way joint leads Banc of America, Barclays Capital and Deutsche Bank Securities. The deal came with a 1.96-year average life across the credit spectrum. The triple-A rated notes priced within guidance at 10 basis points over one-month Libor, while the double-A rated notes were on target at 17 over Libor relative to talk in the high teen area over Libor. The single-A rated notes came outside of guidance at 42 basis points over Libor relative to expectations of 30 to 40 basis points over Libor. Down in credit, the split-rated D class - lacking a Standard & Poor's rating - priced inside guidance at 190 points over one-month Libor, versus indicative levels in the 200 basis point area over Libor.

Capital One Financial came with a $1.25 billion subprime auto-loan deal led by Barclays and Deutsche Bank, backed by a full Ambac wrap. The A2 notes, with a one-year average life, were on target at three basis points over EDSF. The 1.95-year seniors priced tight at five basis points EDSF, versus talk in the six basis point area over.

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