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Providian spreads narrow on the news, JPMorgan proud new owner

The Street came out with mixed emotions over JPMorgan's acquisition of Providian Financial Corp.'s $8.2 billion portfolio of prime and near-prime credit cards.

From an ABS viewpoint, bondholders in Providian Master Trust enjoyed instantaneous tightening on the news, to the tune of 140-plus basis points, according to IFR Asset-Backed...

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