Via First Union, CNL Funding last week brought the year's second small business loan-backed securitization, worth approximately $100 million and placed in the 144A market.

The two-part transaction priced at 64 basis points over the one-month Libor on the triple-A-rated A class, and 250 over the one-month Libor on the split-rated Baa1/A-' B-class. Both tranches priced within guidance. Moody's Investors Service and Fitch rated the transaction.

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