While there haven't been many success stories for the small home equity specialty finance lenders of the 1990s, Delta Financial is perhaps the Energizer Bunny of the sector.

The company is planning its next deal within a month, likely with either RBC Greenwich Capital or Wachovia Securities as lead manager, both of which have led Delta deals over the past year. Since its headline debt restructuring in summer 2001, the company has included a triple-A wrap on top of its senior subordinate, natural triple-A notes, via Financial Security Assurance. Delta placed its most recent deal in the wee hours of 2002 - the day after Christmas, in fact.

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