As reported in last week's ASR, the second-ever life-insurance commission securitization from Clark Consulting Inc. is out in the Rule 144A market, with pricing seen in the coming weeks, sources said. Led by Banc One Capital Markets' Dallas branch, with help from co-manager Bear Stearns, CBC Insurance Revenue Securitization LLC 2003-A could close by late September, although some speculated it could be pushed to next month.

Backed by 20,750 acquired life insurance policies, with an average seasoning of 55 months, the cash flows stem from commissions that are a function of the asset growth of the policy's principal. This transaction was rated assuming a 3.1% weighted average guaranteed asset growth assumption, below the historical average, noted Moody's Investors Service senior analyst Rochelle Tarlowe. More than 90% of the cash flows are based on this asset growth.

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