The pricing of the $750 million credit card securitization from The Metris Companies last week was complicated by the "credit tiering" currently seen in the market, a trend that has been seen increasingly in securitization markets and one that is not expected to be slowing down any time soon.

"We are continuing to see credit tiering for some consumer finance companies. Investor perception is different for us (Metris) than it is for a name like Citibank," said Scott Fjellman in the securitization department for the St. Louis Park, Minn.-based credit card issuer.

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