The Metris Companies continued its turnaround last week, pricing its first ever double-B rated transaction from the Metris Master Trust. The offering, however, was unique for several reasons and marks what Metris hopes will become programmatic double-B rated issuance going forward.

The $52.8 million series 2004-2 D tranche offering, led by Banc of America Securities, Barclays Capital and Deutsche Bank Securities, is actually the securitization of retained interests in its most recent credit card ABS, which priced last October (see ASR 10/25/04).

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