The Metris Companies reported generally stable data last week for its Metris Master Trust in August, including a jump in excess spread that could free up close to $100 million in cash that has been trapped in trusts. Excess spreads for the month improved another 14 basis points to 5.82%.

The positive news bodes well for Metris' upcoming term securitization, which sources indicated could hit the market in late October, following the fall conference. Sources report that Metris has been gauging investor interest for its first senior/sub ABS since 2001. The MMT positive performance comes on the heels of the 167 basis point improvement experienced by the trust in July, and brings the three-month average excess spread up to 5.17%, the company reported.

Credit quality was mixed, however, with monthly losses up to 17.26% from 16.8% in the preceding month. The number for August managed to beat the third quarter average of 19%. Delinquencies were flat at 9.51%.

Loans in the trust continued to decline - but at a slower rate - down just 1.5% in the month to $6.7 billion.

The master trust includes more than 95% of the company's loans.

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