Life after FAS 140 was not so bad as three deals were in the premarketing stage last week: a $950 million deal through Salomon Smith Barney and Greenwich Capital Markets, a $1.4 billion deal from Lehman Brothers and UBS Warburg and Morgan Stanley's $300 million Sawgrass Mills deal.

The Salomon/Greenwich Capital deal is supposedly the first transaction to test the FASB waters, where the issuers had to come up with deal terms that enabled them to sell troubled loans out of the trust, and at the same time were compliant with FASB's Q&A. Lehman and UBS, on the other hand, sources say, were able to sell the subordinates before the Q&A was released two weeks ago so the deal is grandfathered under the old rules.

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