Two giants of the subprime securitization world, Conseco Finance and Advanta Corp., may not only have survived their near-death experiences from last year, but are beginning to see the light at the end of the tunnel, sources say.

In addition to skyrocketing stock prices for each company since the beginning of the year, investors were paying close attention last week to a significant rally in the trading of Conseco paper: two-year notes were trading four to five points tighter; the company's outstanding paper was trading at distressed levels only a few months ago. While there may not always be a direct correlation between stock price and bond performance - stock price is usually determined by other economic factors - ABS investors were nonetheless intrigued by each company's respective rebound.

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