NEW YORK, Feb 3 (Reuters) - Following are asset-backed securities offered spreads quoted for Thursday, Feb. 3: Avg. Life Benchmark Spread (Years) CREDIT CARDS Fixed-Rate MBNA 99-IA 2.9 6-1/4 8/02 +71 Chase 99-3A 4.9 5-yr T +81 Floating-Rate First USA 97-3A 2.7 1-Month Libor +17 AMEX 99-5A 4.9 1-Month Libor +19 AUTOS Premier 99-3 A2 0.77 EDSF +17 Ford 99D-A4 1.8 5-1/2 7/01 +68 BMW 99A-A4 2.9 5-7/8 9/02 +71 MANUFACTURED HOUSING Bombardier 99B-A1B 0.9 EDSF +36 Vanderbilt 99C-IA2 3.0 6-1/4 8/02 +96 GreenTree 99-5A4 5.0 7-1/4 8/04 +116 HOME EQUITY LOANS Fixed-Rate Saxon 99-3 AF2 2.0 6-3/8 9/01 +98 Chase 99-3 IA3 3.0 5-7/8 9/02 +106 GE 99-3 5.2 7-7/8 8/04 +121 RFC 99KS2 A8 7.6 6-1/8 8/07 +163 Floating Rate Chase 99-3 II A-1 2.1 1-month Libor +33 STUDENT LOANS SLMA 97-3 A1 2.5 3-month T bills +90 SLMA 97-3 A2 7.2 3-month T bills +102 Note: EDSF - Eurodollar Strip Forwards. Treasury benchmarks are referred to by coupon and maturity. * Quotes provided by Prudential Securities. * Prudential Securities shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon. * Asset-backed securities are bonds backed by a payment stream from an underlying pool of customer loans. If sold prior to maturity, the price an investor receives may be less than the original purchase price. The bonds pay interest either monthly or semi-annually until maturity when the principal is paid back in full. The yield, average life and the expected maturity are based on prepayment assumptions that may or may not be met. Changes in prepayments may significantly affect yield, average life and expected maturity. Generally, when interest rates decline, prepayments accelerate beyond the initial pricing assumptions, which could cause the average life and expected maturity of the securities to shorten. Conversely, when interest rates rise, prepayments slow down beyond the initial pricing assumptions, and could cause the average life and expected maturity of the securities to extend, and the market value to decline. When prepayments accelerate due to falling interest rates, principal may have to be invested at a lower interest rate than the coupon of the security. Asset-backed securities are subject to price change and availability.
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