While it may be in for a rough fiscal year, Charlotte, N.C.-based First Union's ABS issuance looks to be continuing its smooth sailing.

Some analysts fear increased write-offs, after a week where First Union itself predicted a further $100 million in bad debt and an estimated top EPS for the year of $3.50, down from predictions of $4.29. That would make it the second year in a row the nation's sixth largest bank shot for the moon and ended up fizzling on the launchpad.

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