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Providian distressed credit card securitization - deal of the year?

Salomon Brothers and Goldman Sachs priced the high-profile $1.24 billion Providian Pass-Through Amortizing Credit Card Trust (PACCT) 2002-1 distressed credit card securitization on June 11, significantly cheapening the deal and shortening the weighted average lives (WAL) on the lower classes to get investors up to the plate.

Providian wrote...

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