The noticeably competitive pricing of three recent Portuguese consumer-loan deals, LTR Finance No. 3, Nova Finance 2 and Chaves Funding (see ASR 10/29/01 and 10/22/01), reflects investors' preference for consumer-loan paper as they look for some pick-up in spreads.

"There's good demand for consumer subordinated tranches - not too subordinated but double-A, single-A," said an analyst at Dresdner Kleinwort Wasserstein.

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