As it had anticipated in January, The Spiegel Group's First Consumers National Bank credit-card trusts moved into early amortization last week, following three consecutive months of negative excess spread.

Though it had long been considered a possibility, it was nevertheless a little surprising that Spiegel's private label deals moved into early amortization practically in tandem with the FCNB deals, as the company had indicated that it was interested in keeping that part of its business in motion. According to some analysts, it is hard to imagine Spiegel as an ongoing concern without the liquidity afforded it through its store-brand securitizations. Ultimately, MBIA exercised its prerogative to call the payout event on the final private-label deal (the 2001-A deal).

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