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.