When compared to the steep decline in issuance of other forms of ABS this year, and the broad sweep of the credit crisis, market conditions for debt backed by card receivables have held up quite well.

But strains have been mounting. Spreads between card bonds and the London interbank offered rate have jumped 205 basis points since May 1, to 325 basis points as of Oct. 2 for five-year, floating-rate triple-A securities, according to JPMorgan Securities analysts.

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