It was a volatile week for Wall Street, as several banks delivered a punishing round of poor earnings reports, exacerbated by steep writedowns linked to subprime mortgage holdings. Accordingly, the securitization market hit a pothole on the road back to steady issuance.

Deal activity got off to an encouraging start when the Cabela's Credit Card Master Trust, 2008-1, priced via Wachovia Securities as lead manager. Pegged against swaps and the one-month Libor, the notes were able to price pretty much on target with guidance, give or take five basis points, especially on the single-A-rated pieces.

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