Since mid-January, Oncor Electric has been in the planning stages for its second-ever stranded cost ABS, following its successful series 2003-1 transaction that priced last August. But despite its previous transaction setting the benchmark for reporting standards, underwriting fees, yield spreads and distribution/allocation, it has taken longer than anticipated to line up the selling group and bring the deal to market.

The holdup seems to be the issuer's new request regarding communication of investor demand and initial price guidance levels before the book has been opened and the transaction launches.

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