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.

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