The U.S. primary ABS market came to life last week to price roughly $13 billion in a pre-holiday rush. Several deals were still making the rounds as of press time Thursday. Home equity volume surged to over $10 billion, more than double last week's volume in the sector.
AmeriQuest Mortgage was in the market with a mammoth $4.17 billion offering off of its Park Place Securities Trust vehicle via Citigroup Global Markets. The 2.54-year Class A3A notes priced at 35 basis points over one-month Libor. Mezzanine classes priced tight, with the double-A rated bonds with a 4.97-year average life clearing 59 points over Libor versus guidance in the low 60 basis points over Libor area. The single-A minus rated class with a 4.82-year maturity came in at 130 points over Libor relative to guidance at 135 points over Libor. Spreads widened down in credit to price the 4.79-year triple-B rated bonds at 210 basis points over one-month Libor versus talk at 195 points over Libor.