A squabble over bragging rights for making the first whole business securitization since the financial crisis speaks volumes about Wall Street's ambitions for this slowly reviving asset class.

The fast-food chain operator Church's Chicken recently priced $220 million of bonds backed by franchise fees and store revenue. The deal was done through Cajun Global, a special-purpose vehicle. Barclays Capital was the sole structuring adviser and bookrunning manager.

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