In the wake of uniquely structured credit-card deals that have hit the market this month (recall Citibank's all sub transaction), last week Providian Financial Corp. sold $1.2 billion of card receivables into the Rule 144A market, via its new Gateway Master Trust.

Interestingly, MBIA provided an innovative wrap on both series offered by Providian, essentially removing extension risk from the transactions. MBIA guaranteed payment of principal would be no later than the expected payment date.

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