While issuance has slowed in virtually every sector of the credit markets, time-share securitizations remain relatively untouched by investor hesitation and the credit crunch, according to market participants, who noted that deal flow has been the same, if it has not increased, over the last six months.

Most recently, Citigroup Global Markets and Credit Suisse came to market earlier this month with a $246 million time-share deal, Marriott Vacation Club Owner Trust 2008-1. The deal was structured in a single tranche and rated triple-A with pricing at 325 basis points over swaps and close to a four-year average life.

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