The Metris Companies returns to the ABS primary market this week with a $200 million, three-year MBIA-wrapped series 2004-1, led by Banc of America Securities and Deutsche Bank Securities. This is another positive step for the issuer following recent defeasement of outstanding transactions and public backing from MBIA in its efforts to access the capital markets.

Most expect MMT 2004-1 to go quickly - within two days of formal introduction - due to the MBIA wrap, as well as its relatively small size. The six MMT offerings since 2001 have averaged $691 million in size. An increase in size is unlikely, sources said, as "Metris doesn't have the collateral to support a larger deal."

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