The Street came out with mixed emotions over JPMorgan's acquisition of Providian Financial Corp.'s $8.2 billion portfolio of prime and near-prime credit cards.

From an ABS viewpoint, bondholders in Providian Master Trust enjoyed instantaneous tightening on the news, to the tune of 140-plus basis points, according to IFR Asset-Backed Securities. The 220-area bids for Providian MT prior to the announcement had priced in the prospect of an early amortization, an ABS trader said.

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